Firms advise on Indonesia’s USD2.75bn first toll road platform

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Trans-Java Toll Road
Trans-Java Toll Road
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Clifford Chance and the Indonesian affiliates of Allen & Overy and Herbert Smith Freehills, together with Indonesian law firm ABNR, have advised on global pension investor APG Asset Management’s (APG) USD2.75 billion co-investment in Indonesia’s first toll road investment platform.

APG has joined forces with sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA) and the Indonesia Investment Authority (INA), to invest in the Kanci-Pejagan and Pejagan-Pemalang sections of the Trans-Java Toll Road, the initial seed assets for the toll road investment platform.

The toll road platform is targeting up to USD2.75 billion of investment in Indonesia’s toll road networks, according to a February 7 press release by Clifford Chance.

The Clifford Chance team advising APG was led by Singapore partner Melissa Ng, with the UK firm’s Jakarta-based counterpart ABNR advising the global pension investor on Indonesian law. ABNR has been contacted for comment on its involvement in the deal.

Allen & Overy and its Indonesia association firm Ginting & Reksodiputro’s advice to the INA was led by partner Sugianto Osman. On the other hand, Herbert Smith and its Indonesia association firm Hiswara Bunjamin & Tandjung acted on the toll road investment platform, being led by partners Matthew Goerke, Dhani Maulana Pattinggi and Glynn Cooper.

The ADIA mandated Linklaters to act as its legal adviser on the co-investment in the toll road investment platform, according to a source with knowledge of the transaction. Linklaters has declined to comment on its involvement in the deal.

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