18 November 2014

Carey Olsen advises on £135 million sale of Wentworth Golf Club

A cross-jurisdictional team from Carey Olsen's corporate practice has advised China-based Reignwood International Investment (Group) Company Limited on the Jersey and BVI elements of a £135 million facility and the acquisition of shares in WG Acquisitions Limited, a Jersey company which owns the prestigious Wentworth Club.

The firm advised on a loan from the Siam Commercial Bank Public Company Limited, Hong Kong Branch to finance the share purchase. The client required advice spanning both jurisdictions due to the structure of the target company, which consisted of both Jersey and BVI companies.

The onshore elements of the financing and acquisitions were advised upon by Clifford Chance and Forsters respectively. The Carey Olsen team,  partner Peter German, senior associate Kate McCaffrey and senior associate Alan Hughes, worked together to provide Jersey and BVI advice for all aspects of the transaction.

The Wentworth club in Surrey is the headquarters of the PGA European Tour and is one of the most desirable golfing locations in the world.

Reignwood Group, which was founded in Thailand and headquartered in China, has an interest in golf developments and is focused on strategic acquisitions in Europe.

Carey Olsen’s involvement in the deal follows its recent instruction on one of this summer's most competitive real estate acquisition and financing mandates, the £430 million purchase of three UK business parks in a joint venture between funds managed by Oaktree Capital Management, LP and Patrizia Immobilien AG.

Carey Olsen partner, Peter German, said: “As the firm has grown we have taken great care to ensure that our expanding team is able to provide a seamless global service to our clients. Transactions like this give us the opportunity to demonstrate the depth and breadth of our experience and to how strong we are together.

"With company structures becoming increasingly complex and global, we anticipate continued growth in this area."

Carey Olsen has received significant recognition for its expertise in this practice area in recent months, including being named the number one offshore legal adviser to LSE clients in the Corporate Adviser Rankings, achieving tier one status across the board in Jersey in the latest Legal 500 rankings and tier one ranking for its corporate and funds work by IFLR1000.