• Accordia Golf Trust (AGT), a business trust listed on the Main Board of SGX, had a portfolio of 88 income-generating golf courses, driving ranges and golf course related assets located across Japan
  • Accordia Golf Co Ltd (AGC) is the leading golf course operator in Japan, operating a portfolio of 134 golf courses and 27 driving ranges in the country
  • AGC was the sponsor of AGT, directly owning 28.85% in AGT, as well as 49% in the Trustee-Manager of AGT
  • On 27th November 2019, AGC submitted an unsolicited non-binding proposal to the board of directors of the Trustee-Manager of AGT with respect to the proposed acquisition of AGT’s interest in all of its golf courses


  • The Trustee-Manager of AGT engaged Daiwa Singapore to act as its joint financial advisor and provide advice across all aspects of the divestment of its interests in golf assets in Japan
  • The Joint Financial Advisors ran a comprehensive divestment process including a number of detailed work streams – global investor outreach, valuation analysis, due diligence, structuring, documentation, exchange announcement preparation, circular preparation, with full support in negotiations until signing


  • The Joint Financial Advisors assisted with the successful negotiation of a final purchase consideration, leading to 97.6% of unitholders voting for the transaction during the extraordinary general meeting that was called for the purpose of the transaction
  • The transaction showcases Daiwa’s expertise in running complex cross-border public transactions, inclusive of its strong understanding of the Singapore and Japan markets