Morrison & Foerster advised Global Logistic Properties Limited (GLP), the leading provider of modern logistics facilities in China, Japan, and Brazil, on the syndication of 45 per cent of its interests in GLP US Income Partners I.
The syndication, to two leading global institutional investors from Asia and one from North America, closed on 26 October.
Morrison & Foerster’s deal team is led by Singapore corporate partners Eric Piesner and Shirin Tang, Washington, DC corporate partner David Slotkin, and Singapore associates Lip Kian Ang and Lisa Park. Advice was also provided by San Francisco corporate partner Ken Muller, New York tax partner Michelle Jewett, Washington, D.C. finance partner Nicholas Spiliotes and of counsel Aki Bayz, and Los Angeles real estate and finance partners Marc Young and Tom Fileti and of counsel Susannah Cupp. Earlier this year, the firm advised GLP on its co-investment with an affiliate of Singapore sovereign wealth fund GIC Pte Ltd in the acquisition from the Blackstone Group of one of the largest real estate portfolios in the United States, which has been injected into GLP US Income Partners I. The transaction, valued at USD8.1 billion, marked GLP’s first foray into the US market and was honored as Global Deal of the Year and North America Deal of the Year by the PERE (Private Equity Real Estate) 2014 Global Awards. It was recently nominated by The Asian Lawyer Emerging Markets Awards 2015 as M&A Deal of the Year and Real Estate Deal of the Year.
In addition, the firm is advising GLP on the acquisition of a USD4.55 billion US logistics portfolio from Industrial Income Trust, and advised GLP on the expansion of its USD2.2 billion joint venture in Japan with the Canada Pension Plan Investment Board, the formation of a USD1.1 billion fund in Brazil, GLP Brazil Income Partners II (GLP BIP II) and the acquisition of the portfolio of assets being injected into GLP BIP II. The firm also represented an affiliate of GLP in the formation of the world’s largest China-focused logistics infrastructure fund, represented GLP in a USD1.6 billion joint venture for the acquisition of 15 logistics properties in Japan and represented GLP in a USD1.4 billion joint venture for the acquisition of 40 logistics properties in Brazil.
Morrison & Foerster opened its Singapore office, the firm’s fifth in Asia, in early 2013 to support clients’ deepening commitments to South and Southeast Asia. Since that opening, the firm has worked on a number of major cross-border transactions originating in Singapore. In addition, Morrison & Foerster has the leading real estate practice in Asia, with over 25 full-time dedicated real estate attorneys resident across the firm’s five Asian offices.