Norton Rose recently advised Sumitomo Corporation on the acquisition of three waste water treatment projects in China, and on the establishment of a joint venture with Beijing Capital’s wholly owned subsidiary Beijing Capital Hong Kong for water infrastructure-related business. Sumitomo and Beijing Capital plan to use the joint venture as a platform for investments in the water sector throughout China.
The three waste water treatment service projects, which have a total treatment capacity of 290,000 cubic metres per day, will operate in the provinces of Shandong and Zhejiang.
The transaction involved cooperation between Norton Rose and the Sumitomo business and legal teams both in Tokyo and Beijing.
The Norton Rose team in Tokyo was led by corporate partner Chris Viner, assisted by associate Katarina Svitekova. The team in Beijing was led by projects partner Tom Luckock, assisted by of counsel Jeremy Pooley, and Xia Jing and Hu Ziyi. Further corporate support on Hong Kong law was provided by corporate partner Jon Perry and associate Alex Cosgrove in the Hong Kong office.
“Water is an important focus for Japanese investors and our Tokyo and Beijing offices have been involved in a significant number of desalination, waste water and water treatment projects in the last 18 months,” commented Viner. “This is a trend that will continue and this acquisition and joint venture is indicative of the potential in the sector for future investment.”
