Singapore Big Four law firm WongPartnership has advised Thai Beverage, Southeast Asia's biggest brewer, on the divestment of its real estate assets in a share swap with other companies held by its owner Charoen Sirivadhanabhakdi.

According to Reuters, the deal will allow ThaiBev, the owner of brands such as Chang beer and Grand Royal whisky, to become a pure-play drinks and food firm. ThaiBev will transfer its 28.8 percent stake in Singapore-based Frasers Property, worth roughly $1.6 billion based on the negotiated price, to property firm TCC Assets.

In return, TCC Assets will transfer over shares worth roughly the amount in Singapore drinks and food firm Fraser and Neave (F&N), Reuters added, noting that the deal values F&N at around S$5.2 billion ($3.9 billion) and Frasers Property at about S$7.4 billion.

The WongP team was led by senior consultant Annabelle Yip, and partners Kevin Ho, Jayne Lee and Valerie Lim, together with partners Audrey Chng and Chan Jia Hui.

WongP also acted for DBS, ThaiBev’s financial advisor on the transaction. That team was led by partners Quak Fi Ling and Chiang Yuan Bo.