Baker McKenzie has advised pension fund manager APG Asset Management (“APG”) on the acquisition of a 20% stake in data center platform OneAsia.
This deal represents APG’s second investment in the region, following on from APG’s acquisition of a 10.43% stake in hyperscale data center solution provider Chindata in 2020, on which Baker McKenzie also advised.
OneAsia is an integrated data centre developer and operator in Asia, providing IT services, cloud-based solutions and data center services. Headquartered in Hong Kong, OneAsia operates data centers across the region and is in the process of expanding its portfolio into Japan, Korea and Thailand*.
The Baker McKenzie multi-jurisdictional team was led by Jason Ng, partner and co-chair of Baker McKenzie’s Global Funds Group, with support from Hayley Irons, William Tsang, Kerwin Li, and Mandy Lan in Hong Kong, Alexander Gong of FenXun Partners (Baker McKenzie’s Joint Operation partner) in Shanghai, Duangkamon Amkaew in Bangkok and Seishi Ikeda and Chris Hodgens in Tokyo.
Commenting on the deal, Jason Ng said: “This transaction represents another important milestone for APG in gaining increased exposure in the fast-growing data center market, and we are very pleased to have been able to play a role. We look forward to continuing to support our client as they diversify their investments geographically and also strategically.”
Baker McKenzie is a market-leading firm for legal services in the data center sector. The team has substantial experience in advising data center investors, developers, operators and end users on fund investment screening, acquiring, financing, leasing, planning, developing and operating data centers worldwide. Drawing on the industry insights and legal expertise of a multidisciplinary team of transactional and advisory lawyers from real estate, funds/PE, TMT, project finance, tax, energy, regulatory and data security, the team is able to guide clients in all aspects of the data center ecosystem across the Asia Pacific region and globally.
*APG makes second data center investment in Asia, PERE, 14 April 2021