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MoFo Advises GLP in $8.1 Billion U.S. Co-Investment

SINGAPORE (December 8, 2014) – Morrison & Foerster is advising Global Logistic Properties Limited (GLP), the leading provider of modern logistics facilities in China, Japan and Brazil, in a co-investment with an affiliate of Singapore sovereign wealth fund GIC Pte. Ltd. to buy one of the largest logistics real estate portfolios in the United States from the Blackstone Group. The US$8.1 billion deal marks GLP’s first foray into the U.S. market. As detailed in GLP’s press release, the transaction is expected to be completed in the first quarter of 2015.

Morrison & Foerster is advising GLP on the transaction, with a deal team led by Singapore corporate partners Eric Piesner and Shirin Tang, and Washington, D.C. corporate partner David Slotkin.  Additional team members include San Francisco partners Ken Muller and Michelle Jewett, Washington, D.C. partner Nicholas Spiliotes, Los Angeles partner Marc Young, Palo Alto partner Christine Lyon and San Diego of counsel Jessica Rice.

Morrison & Foerster opened its Singapore office, the firm’s fifth in Asia, early last year 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.

Earlier this year, the firm advised GLP on the expansion of its US$2.2 billion joint venture in Japan with Canada Pension Plan Investment Board as well as the formation of a US$1.1 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 US$1.6 billion joint venture for the acquisition of 15 logistics properties in Japan; and represented GLP in a US$1.4 billion joint venture for the acquisition of 40 logistics properties in Brazil.

 

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