Container Ship at Sea

WFW Asia Practice advises DVB and China Development Bank on a US$358.6 million sale and leaseback transaction for China Shipping and CDB Leasing

30 January 2013

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it advised DVB Group Merchant Bank (Asia) Ltd (“DVB”) and China Development Bank, as co-lenders who financed the acquisition, on a US$358.6 million sale and leaseback transaction of a portfolio of maritime containers for China Shipping Container Lines (“CSCL”) and CDB Leasing (“CDBL”).

The portfolio of containers represented approximately 20% of the containers owned by CSCL as at 31 December 2011.

The containers were acquired by CLC Maritime Container Leasing, backed by CDBL, and leased back to CSCL. DVB arranged and partially financed the acquisition with co-lender China Development Bank.

The WFW Singapore team was led by partner Mehraab Nazir, assisted by partner Peter Chean, who advised on Singapore law matters, and associate Lizzie Roe. Madeline Leong and Janice Lee in WFW’s Hong Kong office advised on Hong Kong law issues.

Mehraab Nazir said: “This was an exciting transaction to have worked on and highlighted the firm’s ability to work seamlessly across different offices.”