Tokyo – 1 September – LAWFUEL – The Law News Network – Clifford Chance’s Tokyo office* led the Clifford Chance team which advised ProLogis, a leading global provider of distribution facilities and services, on the establishment of The ProLogis Japan Properties Fund 2 (the Fund). The Fund will own newly developed and acquired properties in ProLogis’ targeted distribution markets across Japan with a focus on Tokyo, Osaka/Kobe and Nagoya.
The Fund’s capacity upon full investment of the committed capital will be approximately US$3 billion (330 billion Yen). The capital includes a US$600 million (66 billion Yen) investment of third party equity by GIC Real Estate Pte Ltd (the real estate investment company of the Government of Singapore Investment Corporation) (GIC RE), ProLogis’ future equity contributions and secured debt that the Fund intends to put in place.
Clifford Chance acted as the principal legal adviser to ProLogis. The Clifford Chance team was led by Tokyo-based Counsel Daniel Hounslow, supported by partner Eiichi Kanda and associate Jonathan Page (in Tokyo), partner Wai Hong Choo and associate Josephine Law (in Singapore) and partner Tjepco van Voorst Vader and associate Maurits Tausk (in Amsterdam). Clifford Chance’s Tokyo office also advised ProLogis on the establishment of its first fund in Japan.
Daniel Hounslow comments: “ProLogis’ continued investment in Japan through the establishment of this second fund reflects its confidence in the robustness of the Japanese economy. We are delighted that we were able to assist them in this strategically important transaction through its innovative structuring and the benefits of our global network of offices.”