Paul Hastings and Mayer Brown JSM have advised on the Mapletree Investment’s acquisition of Swire Property’s Festival Walk— a retail mall with an office component located in Kowloon Tong Hong Kong.

The deal, which was valued at US$2.4 billion, is the largest-ever property acquisition in Hong Kong and the third-largest property acquisition in the Asia Pacific this year, according to Thomson Reuters data.

A Paul Hastings team led by partner Vivian Lam acted for Mapletree. Mayer Brown JSM was retained by Swire Properties.

For Mapletree, the deal marks its first commercial property acquisition in Hong Kong as the company, wholly owned by Temasek, seeks to create a platform for more investment in the territory.

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