The Singapore Sports hub project – a US$1.33bn facility built to accommodate the region’s biggest sporting events – reached financial closure on 25 August 2010 and is slated for completion in April 2014.
Norton Rose won the mandate to advise the winning bidder – the Singapore SportsHub Consortium: Dragages Singapore, HSBC Infrastructure Fund Management, United PREMAS, Global Spectrum Pico and World Sport Group. The consortium will design, build, finance and operate the Sports Hub for the next 25 years, starting with the demolition of the existing national stadium in October 2010.
Singapore Sports Hub PPP | US$1.33bn | |||
Synopsis: The world’s largest sport facility infrastructure | ||||
Firm | Client | Role | ||
Ashurst [lead partner: Matthew Bubb] | 11 banks* | Counsel to lender | ||
| WongPartnership [lead partners: Susan Wong, Choo Ai Leen, Dorothy Ng, Tan Teck Howe, Tay Peng Cheng] | 11 banks | Singapore counsel to lender | ||
Hogan Lovells Lee & Lee [lead partners: James Harris,Julien Reidy and Amy Lee] | Singapore Sports Council | Lead counsel | ||
Norton Rose [lead partner: Nick Merritt, Jeff Smith, Nicky Davis] | Singapore SportsHub Consortium | Lead counsel | ||
Onside Law [lead partner: Jamie Singer] | Singapore SportsHub Consortium | Specialist sports counsel | ||
Rajah & Tann | Norton Rose/Singapore SportsHub Consortium | Additional Singapore counsel | ||
Hogan Lovells Lee & Lee has advised the procuring government authority, the Singapore Sports Council on the deal. The firm’s role commenced in late 2004, advising on all initial project and procurement structuring related issues, framework/regulatory advice, overall project risk analysis, preparation of documents calling for tenders from the private sector as well as advising the negotiations and the execution of all project documentation and funding issues for the project. The team is led by Singapore office managing partner James Harris.
“We have been heavily involved in the development of PPPs in Singapore since their inception and have to date advised on every PPP that has come to market,” Harris said.
The complex structure of the PPP, originally scheduled to close in 2008, includes a 55,000 seat outdoor stadium with a retractable roof, an indoor aquatic centre, a scalable multi-purpose arena, 41,000sqm of commercial space, a water sports centre and renovations on the existing 12,000 seat Singapore Indoor Stadium.
Specialist sports advice in relation to the selling of commercial sports rights was provided to the Singapore SportsHub Consortium by Jamie Singer, partner at Onside Law.
Additional Singapore Law and real estate advice was provided by Rajah & Tann. Local firm WongPartnership was also retained by the lenders as Singapore counsel.ALB
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