Leong Pat Lynn is a senior partner in Dentons Rodyk's Real Estate practice group.
Pat Lynn's experience cuts across diverse real estate and banking and finance transactions. Her real estate experience includes acquisition and disposal of investment portfolios, sale and purchase of development sites as well as working on real estate aspects of banking and corporate merger and acquisition matters.
Over the years, Pat Lynn has represented various real estate developers in all aspects of development of residential, commercial and industrial properties. Her portfolio of work would also include leasing of commercial complexes for different uses like entertainment, shopping centre and office in Singapore. She has advised on sales and acquisitions with leaseback of commercial buildings and negotiated long term leases representing landlords or tenants for different uses.
She is involved in many projects dealing with various planning issues, the change of use and redevelopment of existing projects. Pat Lynn has represented land owners in projects involving dealings with the State and State agencies for the change of use and upgrading of lease tenure for the site and special purpose sites built for State agencies.
Pat Lynn's banking and finance experience includes representing both lenders and borrowers in numerous domestic loan transactions including negotiating and documenting all security and financing documentation, involving security being created over real estate and real estate project assets.
Pat Lynn has represented investors, REITs and property funds in some of Singapore's biggest corporate real estate acquisitions, including Mapletree Anson, 78 Shenton Way, 20 Anson Road, Crowne Plaza Changi Airport, DBS Towers 1 and 2. On banking and financing, Pat Lynn has dealt and advised lenders financing landowners and REITs of most of the major commercial or commercial related buildings including Suntec City, Capital Tower, assets under Fraser Commercial Trust, CapitaCommercial Trust etc.
- BlackRock Group: Acting as the Real Estate lead counsel on the sale of Asia Square Tower 1 to an entity under the sovereign wealth fund Qatar Investment Authority, which priced Asia Square at approximately S$3.4 billion. This sale has been reported to be the largest single-tower real estate transaction in the Asia-Pacific region to date and the second largest single-tower real estate transaction globally to date.
- LOGOS Property and Ivanhoé Cambridge: Acting for the acquisition of an interest in several entities holding industrial real estate assets together with leaseback arrangements and multi-tenanted assets subject to head lessor consent.
- FCL Topaz Pte Ltd, Sekisui House Ltd and KH Capital Pte Ltd: Acting for the acquisition of a plot of URA land worth S$624 million at Siglap Road. The site spans about 19,309.6 square metres with a maximum permissible gross floor area of 67,584 square metres. The consortium is expected to build 800 to 900 units on the site. The quantum involved is expected to be nearly S$1 billion if development costs are included.
- A Singapore Statutory Body: Acting in structuring and negotiating the first of its kind, agreements for co-sharing of recreational facilities, advising on various land user issues, considerations in relation to title and co-shared facilities usage as would be affected due to conditions including contingency issues arising from land acquisition and redevelopment issues, agreements on user space, and other commercial considerations for the co-shared recreational facilities and management of facilities and services.
- LaSalle Investment fund: Acting for vendor fund (managed by LaSalle Investment Management) in a corporate real estate transaction for the bulk sale of 16 apartments at 111 Emerald Hill (a 40 unit freehold project developed by the LaSalle group) for a confidential sum, to a buyer consortium.
- OUE Limited: Acting for OUE Limited in the divestment of Crowne Plaza Changi Airport and its adjacent extension worth S$495 million. OUE Hospitality Trust has agreed to purchase the above from sponsor OUE Limited in two phases with on-going construction of the extension wing. The extension will include 243 additional rooms and the total number of rooms will be increased to 563 upon completion. This deal is unusual because it involves both completed and uncompleted property with issues on building permissions from the head lessor and development, planning requirements and conditions to be satisfied for the transaction.
- CapitaLand: Acting for CapitaLand in its S$91.8 million acquisition of the Big Orange self-storage business from Invista Real Estate International Holdings (Cayman) Limited, including the business of managing and operating self-storage facilities carried on by Big Orange Self Storage Singapore Pte Ltd. CapitaLand operates its self-storage business through the ‘Storhub’ brand and will become the largest self-storage company with the widest local network in Singapore with the acquisition. Looked at particular issues specific to Head Lessor (Jurong Town Corporation) conditions on use and sale conditions.
- CapitaLand: Acting for CapitaCommercial Trust in its S$430 million acquisition of FirstOffice Pte Ltd which holds 20 Anson, a Grade A office building, from LaSalle Investment Management and Lum Chang Development Group.
- CapitaLand: Acting in a joint venture of three entities in the group, namely CapitaMalls Asia, CapitaMall Trust and CapitaLand, which submitted the top bid of S$969 million in the URA tender for the white site at Boon Lay Way.
- Mapletree: Acting for vendor Mapletree Anson Pte Ltd, a wholly owned subsidiary of Mapletree Investments, in the sale of Mapletree Anson, a 19-storey premium office building located at 60 Anson Road, for S$680 million to Mapletree Commercial Trust (MCT). This is MCT's maiden acquisition since its listing. Mapletree Anson is one of the several properties which Mapletree Investments has offered MCT the right of first refusal.
- Commerz Real: Acting for German fund Commerz Grundbesitz Invesmentgesellschaft mBH, now known as Commerz Real AG, in a complex real estate and construction deal that involved the acquisition of 78 Shenton Way for approximately S$650 million. The acquisition included the acquisition of an on-going construction of a separate block under construction. Advised extensively on issues related to development and planning for the new block to be built on top of the existing car park block and refurbishment of the existing office tower. Issues looked at included the gross floor area use and decanting of gross floor area for use in other parts for the construction of the additional office block. The construction team also looked at and advised on standards and specifications for the refurbishment of the existing tower and continued construction of the new office block after the acquisition. Acted again as lead real estate partner in the sale of 50% shareholding interest in CG-78 Shenton Way Singapore Pte Ltd which owns 78 Shenton Way to (and joint venture with) a property fund managed by a Keppel Land unit. The deal was reported in Finance Monthly in 2012. In 2016, she acted for Commerz Real Investmentgesellschaft mbH for the account of hausInvest to complete the sale of the remaining 50% share interest in 78 Shenton Way to a property fund managed by Alpha Investment Partners (which is part of Keppel Corporation) which priced 78 Shenton Way property i.e. 100% interest at about S$603 million or S$1,665 per square foot on its total net lettable area of 362,199 sq. ft.
- Ho Bee Land: Acting for a subsidiary of Ho Bee in the sale of two investment properties for a total of S$144.42 million. TG Building, a four-storey warehouse located at 222 Tagore Lane, was sold for S$33 million. Ho Bee also agreed to sell its four floors of office space (levels 8, 9,10 & 11) with a total floor area of 52,431 sq. ft. at Samsung Hub, located at Church Street, for S$111.42 million.
- OUE Limited: Acting for a subsidiary of the listed company in its S$870.5 million purchase of DBS Tower One and Two (now known as OUE Downtown) from a Goldman Sachs real estate fund.
- CapitaCommercial Trust Management Limited: Acting as lead partner in the sale of Starhub Centre at the price of S$380 million. The sale was carried out by way of private tender.
- BlackRock Group : Acting for BlackRock Group, previously under MGPA, in its successful S$952.89 million bid for a 99-year leasehold white site at Marina View (Land Parcel B), which has been developed as Asia Square Tower 2, which also comprises a 5-star hotel, Westin. We had also acted for them as the buyer fund manager for the acquisition of the adjacent white site at Marina View (Land Parcel A) which is now Asia Square Tower One. After the 2 separate acquisitions, we had reviewed the tender conditions for both sites and advised on issues related to development, gross floor area, development parameters and how the 2 sites could be integrated.
- The Legal 500 Asia Pacific, Recognized Lawyer for Real Estate and Construction (local firm), 2007 – 2008, 2013, 2015
- Co-author, "Executive Condominiums (EC): Special Considerations For Developers", Rodyk Reporter - Property Notes, March, 2014
- Co-author, "The Impact Of The Additional Buyer's Stamp Duty On Matrimonial And Family Home Purchases", Rodyk Reporter - Property Notes, March, 2013
- Co-author, "Changing Rules On Residential Landed Property Developments", Rodyk Reporter - Property Notes, December, 2011
- Author, "Of Carparks And Common Areas", Rodyk Reporter - Property Notes, June 2008
- Author, "Impact Of The Residential Property (Amendment) Act 2006", Rodyk Reporter - Property Notes, June 2006
- Co-author, "Creation Of Fixed Charges Over Book Debts", Rodyk Reporter - Property No/tes, September, 2005
Activities and Affiliations
- Legal Aspects of Investing in Industrial Real Estate, September 28, 2013
- Seminar For Chinese Enterprises in Singapore: Legal Issues Relating To Business Operation, April 25, 2013
- The Mortgagee's Rights Against The Mortgagors' Real Property Assets (9th run), June 18, 2009
- Developer's Rights and Remedies on Purchasers' Default (4th run), May 29, 2009
- Breach of Progressive Payment Under The Housing Developers' Sale And Purchase Agreements & The Legal Recourse (3rd run), April 7, 2009
- Special Issues In Property Acquisitions & Development Sales, August 2, 2007
Prior and Present Employment
- Senior Partner - Dentons Rodyk (formerly Rodyk & Davidson LLP) (2002 - present)
- HelenYeo & Partners (1994 - 2002)