Herbert Smith Freehills has advised Lendlease Corporation Limited (Lendlease) on its role as sponsor in relation to the RM2.15 billion (A$742 million) financing of the Tun Razak Exchange (TRX) Lifestyle Quarter development in Kuala Lumpur, Malaysia.
The TRX Lifestyle Quarter is a mixed integrated development and comprises residential, entertainment, leisure, public park, hotel and retail components. It is Lendlease’s largest integrated development in Asia.
The 17-acre development is a 60:40 joint venture between Lendlease and the Malaysian Ministry of Finance.
Herbert Smith Freehills advised Lendlease on the transaction which included sponsor support in connection with a financing facility secured from the consortium of HSBC, Maybank, Standard Chartered and Sumitomo Mitsui Banking Corp for a period of five years.
The Herbert Smith Freehills team was led by partner Lucy McCullagh. Ms McCullagh said. “we are proud to be involved in such an important development with Lendlease in Malaysia and to be supporting another major Lendlease project.”
This deal is another example of the market-leading expertise of Herbert Smith Freehills’ Finance Practice. It follows Herbert Smith Freehills advising Lendlease on the development of the first and second commercial office towers at Melbourne Quarter.