Morrison & Foerster is advising IndoSpace, India’s largest developer of modern industrial and logistics real estate, on the formation of IndoSpace Core, its joint venture with Canada Pension Plan Investment Board (CPPIB). As detailed in the parties’ press release, IndoSpace Core will focus on acquiring and developing modern logistics facilities in India. CPPIB has initially committed approximately US$500 million to the joint venture and will own a significant majority stake. IndoSpace Capital Asia will manage the new entity. IndoSpace Core has committed to acquire 13 well-located industrial and logistics parks totaling approximately 14 million square feet, from current IndoSpace development funds. The joint venture also has the option to acquire an existing pipeline worth approximately US$700 million as well as participate in a future development pipeline.
Morrison & Foerster is advising IndoSpace on the above transactions, with a deal team led by Singapore corporate partners Eric Piesner and Shirin Tang, Hong Kong funds partner Jason Nelms, Singapore senior corporate associate Lip Kian Ang and Hong Kong funds associate Sylvia Cheng. Advice was also provided by Hong Kong corporate partner Amit Kataria and tax partner Matthew Lau, Tokyo real estate partner Joshua Isenberg and San Francisco fund formation partner Ken Muller.
In the last two years, Morrison & Foerster’s award-winning Asia real estate team has advised on private equity real estate corporate and funds transactions totaling more than US$24 billion in deal value, including many of the most significant transactions in the industry. Morrison & Foerster has also consistently ranked within the top three law firms for Asia transactional or fund formation work in the Private Equity Real Estate (PERE) Global Awards for each of the last four years. In the last two years, Morrison & Foerster’s leading India practice has advised on transactions expected to result in total deal value of over US$10 billion. The Firm was ranked as a leading international law firm for India work at the India Business Law Journal Awards 2016.