Ashurst assists Singapore Sports Hub handover in USD1.33bn deal


Ashurst advised the senior finance parties comprised of 11 local and international commercial banks on the handover of the Singapore Sports Hub facility to the government in a USD1.33 billion deal.

Singapore-based partner Alfred Ng led the team, supported by associate Darren Lim and senior associate Jermaine Ng. The team worked on the partnership termination agreement between the Singapore government and the private consortium running the facility, along with early payment of the senior debt.

The city state’s national sports agency Sport Singapore (SportSG) announced in June its takeover of the management and operations of the Singapore Sports Hub, a sports and recreation district that was opened in 2014, ending its 25-year public-private partnership with a consortium of private partners ahead of schedule. The government aims to make the hub more accessible to the public.

The management of the hub will be handled by a new entity, Kallang Alive Sport Management, a wholly owned subsidiary of Kallang Alive Holding, incorporated by SportSG.

Ashurst also advised the senior finance parties on the debt financing for the Singapore Sports Hub public-private partnership in 2013 and on the refinancing in 2015.