InfraRed NF’s $92.2 Million Mezzanine Loan to Fullsun International Holdings Group

Sidley has assisted InfraRed NF in providing a US$92.2 million mezzanine loan to Fullsun International Holdings Group (HKex:627)

InfraRed NF, a leading Hong Kong-based real estate investment manager, co-invested with Firewave Management Limited, an indirect wholly owned subsidiary of a Singapore-listed company, Metro Holdings Limited, on this loan.

Fullsun International is an offshore listed vehicle of a large mainland Chinese developer, Fusheng Group, and the loan will be used by Fullsun International to fund further construction and project acquisitions from smaller developers.

The loan is secured on a portfolio of two ring-fenced partially completed residential development projects in Changsha, with additional credit enhancement provided from a mature office asset in Hong Kong. Sidley advised InfraRed NF on the debt and security structure and assisted them throughout the transaction as lead counsel.

The Sidley team was led by partners Renee Xiong (Picture) and Allan Wardrop, with support from counsel Jeremy Chase, senior associate Julia Zhu, associate Carol Chow and legal assistant Andie Lam.

Involved fees earner: Jeremy Chase – Sidley Austin LLP; Carol Chow – Sidley Austin LLP; Allan Wardrop – Sidley Austin LLP; Renee Xiong – Sidley Austin LLP; Julia Zhu – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Infrared NF Investment Advisers Limited;