Baker McKenzie has advised pension fund manager APG Asset Management (“APG”), the largest pension provider in the Netherlands, on its launch of a new Asia Pacific healthcare platform, CBC Healthcare Infrastructure Platform (“CBC HIP”) in partnership with CBC Group, Asia’s largest healthcare-dedicated investment firm. The launch coincides with APG’s USD 400 million cornerstone investment into CBC China Life Science Infrastructure Venture (“CLSIV”), a China-focused life science venture established by CBC HIP targeting USD 1.5 billion in total equity commitments.
To address changing demands and more complex healthcare challenges, CBC HIP intends to develop and invest in high-quality healthcare assets including life science research and manufacturing facilities, hospitals, medical offices and senior living accommodation in Asia Pacific. CBC HIP has established CLSIV, a China-focused vehicle which is the first within CBC HIP’s intended suite of managed products, to empower its life science partners with sustainable and resilient, state-of-the-art facilities to meet the demands of this rapidly developing industry.
CLSIV has held a first close of USD 500 million and looks to provide best-in-class facilities for life science research, manufacturing and support services catering to biotechnology incubators through to large multinational pharmaceutical companies in China. It aims to develop its portfolio in identified key life science clusters across China.
This marks APG’s debut life sciences real estate investment in the Asia Pacific region and the first Asia Pacific-focused healthcare partnership between APG and CBC Group.
Jason Ng, Partner and co-chair of Baker McKenzie’s Global Funds Group, led the Baker McKenzie transactional funds team which comprised Senior Associate, Julia Chia, and Associates, Deanna Liu and William Tsang. Baker McKenzie Partner Stephen Crosswell, Senior Counsel Laura Liu of FenXun Partners (Baker McKenzie’s Joint Operation partner in the Shanghai Free Trade Zone (FTZ)) and Senior Associate Donald Pan provided competition law support, while Partner Alex Gong of FenXun Partners advised on the real estate aspects of the transaction.
Commenting on the deal, Jason Ng said: “We are very pleased to have the opportunity to support our long-standing client, APG, in another strategically important transaction. This transaction will provide our client with greater access to China’s booming healthcare sector, and we look forward to continuing to support our client as it expands its investments into other sectors across Asia.”
This deal adds to the long list of transactions on which Baker McKenzie has advised APG, including their cornerstone investment in ESR’s recent China Logistics Development Platform, their acquisition of a 20% stake in data center platform OneAsia, and their joint venture with ESR Cayman to invest in South Korean logistics real estate.
