Baker McKenzie and Allen & Overy Acted on First Open-Ended Core Fund of South Korea

Baker McKenzie and Allen & Overy Acted on First Open-Ended Core Fund of South Korea

The transaction was valued at over USD400 million

Prestigious law firms Baker McKenzie and Allen & Overy have played pivotal roles in advising on the establishment of the first open-ended core fund of South Korea.

The fund is a collaboration between APG Asset Management, CPP Investment and ESR Kendall Square (ESRKS), a subsidiary of the ESR Group. It is aimed at acquiring high-quality income-producing assets in South Korea.

Baker McKenzie counselled, the investment manager of the largest pension provider in the Netherlands, on investing in the core fund of the ESR Group, the largest real asset manager in Asia-Pacific (APAC).

Speaking on the development, Jason Ng, the Baker McKenzie partner stated, “The core fund marks another evolution in the relationship between APG, CPP Investment and ESRKS. We are pleased to be a part of it, and to continue to support our clients in jurisdictions across the Asia-Pacific, including the strong e-commerce market in South Korea.”

Shuhui Kwok, the Singapore partner at Allen and Overy remarked, “This highlights our firm’s leading capability in managing complex transactions for real asset managers in APAC. We’ve advised ESR on numerous fund establishments, M&A and financing deals, and look forward to continuing our relationship.”

Led by Jason Ng, the Baker McKenzie team included special counsel Hayley Irons. They were supported by associates Lilian Wong and Mengshan Zhang, who are also registered foreign lawyers.

The Allen & Overy partner Shuhui Kwok advised the ESR Group.