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Morrison & Foerster Advises GLP on Establishment of USD$9.1 billion Japan Development Fund

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Morrison & Foerster LLP advised longtime client GLP Pte. Ltd. (GLP), a leading global investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies, on the establishment of one of the largest ever Japan-focused private real estate funds.

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Morrison & Foerster LLP advised longtime client GLP Pte. Ltd. (GLP), a leading global investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies, on the establishment of one of the largest ever Japan-focused private real estate funds.As detailed in <a target="_blank" href="https://www.glp.com/global/article/glp-raises-275-billion-glp-japan-development-partners-iv">GLP’s press release,</a> GLP Japan Development Partners IV (JDP IV) has raised JPY311 billion (~USD$2.75 billion) to date and is expected to reach over JPY1 trillion (~USD$9.1 billion) of assets under management (AUM) when fully deployed.With the establishment of GLP JDP IV, GLP manages over USD$30 billion AUM of logistics strategies in Japan across five private funds and a listed J-REIT. Morrison & Foerster also advised GLP on the formation and operations of GLP’s predecessor Japan funds, including GLP Japan Development Venture I and II, GLP Japan Development Partners III, GLP Japan Income Fund, and GLP J-REIT.The Morrison & Foerster team advising GLP was led by Singapore partners Paul Davis and Shirin Tang; Tokyo partner Junichi Kurokoshi; and Singapore associates Gillian Teo, Mark Tay, and Mark Hee. Other key team members include Tokyo associates Midori Kawahara and Yoshitaka Katayama, funds partner Jason Nelms, funds counsel Kate Sum and funds associates Sylvia Cheng and Conan Chen, tax partner Matthew Lau and tax associate Andrew Chin, finance partner Yemi Tepe and finance associates Reiko Saito and Elaine Zhou, antitrust partners Rony Gerrits and Tomohiko Kimura, Hong Kong senior consultant Stephen Birkett, and regulatory compliance counsel Aki Bayz.

Morrison & Foerster Advises GLP on Establishment of USD$9.1 billion Japan Development Fund

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Junichi Kurokoshi is a partner of Morrison Foerster Law Offices. Junichi’s practice focuses on the representation of Japanese and non-Japanese investment banks, commercial banks, private investment funds, pension funds, hedge funds, real estate developers, real estate operators and real-estate companies in the negotiation, structuring, documentation and arrangement of real estate and structured finance transactions, including non-recourse financing and refinancing, the acquisitions, dispositions, leasing, developments, operations and asset management and fund management arrangements for commercial and residential properties in Japan and the United States.In the 2026 edition of Chambers Asia-Pacific, Junichi is ranked in the Japan Real Estate category.

Junichi Kurokoshi

Partner

Yoshitaka Katayama is a partner of Morrison Foerster Law Offices.Yoshitaka received his LL.B. from Keio University Faculty of Law, his J.D. from Keio University Law School, and completed his training at the Legal Training and Research Institute of the Supreme Court of Japan (67th trainee). Yoshitaka is a bengoshi admitted to practice in Japan and is a member of the Daini Tokyo Bar Association. Yoshitaka’s practice focuses on the representation of Japanese and non-Japanese investment bank, private investment fund, financial institutions, and real estate companies in negotiations, structuring, documentation, and arrangements related to property acquisitions, dispositions, developments, operations, and fund formation and management, as well as providing advice relating to various regulatory matters. Yoshitaka also served on a secondment at the Tokyo headquarters of a leading international investment bank, where he was involved in real estate investment and formation of investment joint ventures.

Yoshitaka Katayama

Stephen Birkett is a Senior of Counsel at the firm and a Partner in our Hong Kong office.Stephen has practiced in Hong Kong for over 25 years and specializes in capital markets advisory and transactional matters, regulatory issues, and mergers and acquisitions transactions. His experience includes advising on the Hong Kong Stock Exchange Listing Rules, including numerous IPOs, and the Hong Kong Takeovers Code, as well as corporate and securities law and regulations generally. This includes advising clients on SFC licensing issues for intermediaries, non-contentious employment matters, and general commercial transactions.He recently advised a securities fintech business licensed by the SFC and which offers a Chinese language app for trading equities in select international markets on SFC compliance issues.Prior to joining Morrison & Foerster, Stephen served for three years as Senior Director of Corporate Finance with the Securities and Futures Commission in Hong Kong. Before that, he was a partner and Head of Corporate Finance in a leading international firm in Hong Kong. He was a member of the Hong Kong Government Standing Committee on Company Law Reform from 2011 until the end of his six-year tenure.Stephen is a frequent speaker at conferences on Hong Kong securities legal issues and has authored chapters on the Hong Kong Takeovers Code and Listing Rules in the popular “Practitioner’s Guide” series.Stephen is fluent in French and Spanish.

白士文律师在香港的执业时间已超过25年，专门处理资本市场咨询和交易事宜、监管问题以及并购交易。他的经验包括就《香港联交所上市规则》提供法律意见，其中涉及多次首次公开发行、《香港收购守则》以及一般公司及证券法律法规事宜。他曾就中间机构获取证监会牌照事宜、无争议性雇佣事宜以及一般商业交易提供法律意见。在加入美富之前，白律师担任香港证券及期货事务监察委员会（证监会）的高级董事三年。之前亦曾经担任香港一家具领导地位的国际律师事务所的合伙人及企业融资部门主管。白律师从2011年起出任香港公司法改革常务委员会的成员，直至其六年任期期满为止。白律师经常就香港证券的法律问题发表演说，并且曾经撰写广受欢迎的“执业者指引”（Practitioner’s Guide）系列中有关《香港收购守则》及《上巿规则》的章节。白律师精通法语和西班牙语。

Stephen Birkett

Solicitor

Sylvia’s practice focuses on fund formation and related matters. Sylvia regularly advises both managers and investors in the formation and operation of private equity funds, venture capital funds, real estate funds, and other alternative investment products, as well as related regulatory considerations. Sylvia is fluent in English, Cantonese, and Mandarin.<h4 dir="ltr">Representative Experience</h4><ul><li dir="ltr">GLP Pte. Ltd. (GLP), the leading global provider of modern logistics facilities and technology-led solutions, on the establishment of a US$5.6 billion Japan-focused logistics private real estate fund.</li><li dir="ltr">IndoSpace in connection with (i) the formation of IndoSpace Logistics Parks III, its US$580 million India-focused industrial real estate fund; and (ii) formation of IndoSpace Core, its US$1.2 billion joint venture with Canada Pension Plan Investment Board which will focus on acquiring and developing modern logistics facilities in India.</li><li dir="ltr">Savills Investment Management in connection with the formation of a US$500 million fund formed to invest in commercial real estate properties in Japan.</li><li dir="ltr">CBC Group (formerly C-Bridge Capital) in the formation of a US$300 million fund dedicated to investments principally in healthcare royalties and other cash flow assets that have a significant nexus to Greater China.</li><li dir="ltr">A leading diversified financial services company headquartered in Tokyo in the formation of a co-GP Cayman SPC targeting publicly offered real estate investment trusts (REITs) in China’s infrastructure.</li><li dir="ltr">Ping An, China Life, ICBC International and an Asian sovereigh wealth fund in connection with their respective investments in multiple private equity investment funds.</li></ul>

郑宝宜律师的执业范围主要为私募投资基金与相关事宜。郑律师经常为基金管理人和投资者提供私募股权基金、风险投资基金、房地产基金和其他替代投资产品的设立、运营和监管提供法律咨询服务。郑律师精通英语、粤语和普通话。<h4 dir="ltr">具有代表性的项目 </h4><ul><li dir="ltr">代表GLP Pte. Ltd（普洛斯）, 全球领先的现代物流设施及科技主导解决方案提供商, 处理其侧重于日本的56亿美元物流私募房地产基金成立事宜。</li><li dir="ltr">代表IndoSpace处理 i) 设立IndoSpace Logistics Parks III的事宜，IndoSpace Logistics Parks III是IndoSpace侧重于印度的5.8亿美元工业房地产基金；和 ii) 设立IndoSpace Core的事宜，IndoSpace Core是IndoSpace与加拿大养老金计划投资委员会成立的一家侧重于收购和开发印度现代物流设施的12亿美元合资公司。</li><li dir="ltr">代表第一太平戴维斯投资管理公司（Savills Investment Management）处理设立向日本商业房地产物业进行投资的5亿美元基金。</li><li dir="ltr">代表CBC集团（前身为C-Bridge Capital）处理设立3亿美元基金事宜，该基金主要致力于投资与大中华区有重要关系的医疗保健特许权使用费和其他现金流资产。</li><li dir="ltr">代表总部位于东京的某顶级多元化金融服务公司设立采用联席普通合伙人模式（co-GP）的开曼特殊目的公司，其主要投资对象为在中国基础设施领域公开发售的房地产投资信托基金（REIT基金）。</li><li dir="ltr">代表平安、中国人寿、工银国际和亚洲某主权财富基金处理其分别对多支私募股权投资基金进行的投资事宜。</li></ul>

Sylvia Cheng

Associate

Matthew’s practice focuses on the structuring of cross‑border M&A transactions and corporate reorganizations, particularly involving the United States, China, Japan, and the rest of the Asia‑Pacific region. He specializes in guiding clients through the intricacies of cross‑border transaction structures and intellectual property management from a tax perspective.Matthew has deep experience advising fund sponsors and institutional investors on tax issues relating to the formation of, and investments in, private equity funds, venture capital funds, real estate funds, and other alternative investment products. He has particular expertise in the U.S. taxation of government‑linked investors such as sovereign wealth funds and central banks.Matthew has represented multinational corporations and funds in transactions across more than 30 jurisdictions covering a wide range of industries, including technology, telecommunications, healthcare, real estate, consumer, media, and energy.Matthew is a Registered Foreign Lawyer with the Law Society of Hong Kong.While at Columbia Law School, Matthew was a three‑year Harlan Fiske Stone Scholar.

刘恩安（Matthew Lau）律师的业务侧重于跨境并购交易和企业重组的结构设计，特别是涉及美国、中国、日本和亚太地区其他国家的交易。他擅长从税务的角度协助客户处理复杂的跨境交易结构和知识产权管理。刘律师在为基金发起人和机构投资者就私募股权基金、风险投资基金、房地产基金和其他另类投资产品的成立和投资相关的税务问题提供法律咨询方面拥有丰富的经验。他尤其擅长处理美国对政府相关投资者（如主权财富基金和中央银行）的征税事宜。刘律师曾代表多家跨国公司和基金在30多个司法管辖区处理交易，涵盖科技、电信、医疗保健、房地产、消费品、媒体和能源等多个行业。刘律师是香港律师会注册外地律师。在美国哥伦比亚大学法学院就读期间，刘律师连续三年获得哈伦•菲斯克•斯通（Harlan Fiske Stone）奖学金。

Matthew Lau

Yemi Tépé is Asia Head of the Finance Group of Morrison Foerster. With more than 25 years advising clients on the full spectrum of event-driven financings and private equity buyouts, she has extensive experience in domestic and cross-border acquisition and leveraged finance, public to private takeovers, digital infrastructure and data center financings, debt restructurings, margin loans, and subscription line and NAV financings.Her clients include global and regional private equity sponsors, multi-national corporations, leading international and regional banks and private credit funds.Yemi sits on MoFo’s Board of Directors, Global Finance Committee, Community Advisory Board and Pro Bono Committee.<h4>Representative Experience</h4><ul><li>GLP China Logistics Fund I and its affiliates in the $5 billion recapitalization and exit of the portfolio developed within the fund, which was GLP’s flagship USD-denominated develop-to-core fund formed in 2013 to invest in prime, institutional-grade modern logistics assets in China.</li></ul><ul><li>The senior lenders on the acquisition financing to CVC Capital Partners for the acquisition of TRY Group, the largest one-to-one tutoring services provider in Japan.</li></ul><ul><li>GLP Pte. Ltd. in relation to subscription line facilities for GLP Japan Development Partners IV (JDP IV), which will have USD9.1 billion in assets under management when fully deployed, one of the largest-ever Japan-focused private real estate funds.</li><li>GLP Pte. Ltd. on a USD658 million sustainability linked syndicated loan facility.</li><li>The mezzanine lenders on the acquisition financing to CVC Capital Partners for the USD1.5 billion acquisition of Shiseido's personal care business.</li><li>The mezzanine lenders on Bain Capital’s approximately USD380 million acquisition of Kirindo, a Japanese pharmacy chain store operator. </li><li>SoftBank Group Corporation in connection with senior and mezzanine acquisition facilities for OYO’s acquisition of Netherlands-based @Leisure. </li><li>PA Chokmah Investment Limited (wholly owned by Ping An Overseas Holdings), as lender in relation to a HKD500 million convertible loan to Wisdom Education International Holdings Company Limited, a Hong Kong listco, principally engaged in operating premium primary and secondary schools in China.</li><li>BlackRock in relation to offshore and onshore acquisition financing in its acquisition of two blocks of grade-A office buildings in Changning, Shanghai from PGIM Real Estate, a property investment affiliate of Prudential Financial.</li><li>MUFG Bank, Ltd. as mandated lead arranger and underwriter of acquisition facilities for two strategic acquisitions aggregating close to USD1billion by Siam City Cement Public Company Limited, a listco on the Stock Exchange of Thailand and Thailand’s second largest cement producer, from LafargeHolcim Ltd.</li><li>Various lenders and private equity funds in relation to capital call/subscription facilities, fund financings and borrowing base facilities.</li></ul>

Yemi Tépé

Elaine Zhou is an associate in Morrison Foerster’s Singapore office. She represents leading international banks and financial institutions, major corporations, and investors on their Asia-Pacific multijurisdictional financing matters. Her practice focuses on the areas of cross-border acquisition and leveraged finance, fund finance, syndicated and bilateral lending, and restructuring.Prior to joining Morrison Foerster, Elaine was an associate in the Singapore office of a leading international law firm. She was previously seconded to the Singapore branch of a Japanese bank in 2018 and to the Singapore office of a private credit investment firm in 2023. She is fluent in English, Mandarin, and Japanese.<h4>Representative Matters</h4><ul><li>A data center developer on a subscription line financing in relation to the development of data centers in Japan.</li><li>The senior lenders on the acquisition financing to CVC Capital Partners for the acquisition of TRY Group, the largest one-to-one tutoring services provider in Japan.</li><li>GLP Pte. Ltd. in relation to subscription line facilities for GLP Japan Development Partners IV (JDP IV), which will have USD9.1 billion in assets under management when fully deployed, one of the largest-ever Japan-focused private real estate funds.</li><li>SoftBank Group Corp. in connection with senior and mezzanine acquisition facilities for OYO’s acquisition of Netherlands-based @Leisure.</li><li>Represented lender in relation to a loan facility to the offeror of the privatization scheme of China Automation Group Limited.</li></ul>

Elaine Zhou

Tomohiko Kimura is a partner of Morrison Foerster Law Offices. He specializes in antitrust and competition law, including merger control, cartel defense, investigations of unilateral conduct/unfair trade practices, and antitrust litigation.Tomohiko regularly represents clients in proceedings before the Japan Fair Trade Commission (“JFTC”) and assists clients in conducting internal investigations to identify and address anticompetitive conduct. His practice also covers advising clients on a wide range of competition matters, including joint ventures and strategic alliances. Tomohiko is ranked for Japan: Competition/Antitrust in the 2026 edition of Chambers Asia-Pacific and recommended for Japan: Antitrust and Competition in the 2026 edition of The Legal 500 Asia Pacific.Tomohiko previously served as a chief investigator with the JFTC where he handled global cartels as well as IP-related cases involving high-tech industries. He currently serves as a Non-Government Advisor (“NGA”) to the JFTC. He is a member of the Japan Competition Law Forum and the Japan Association of Economic law.Tomohiko received his LL.B. from Kyoto University. He completed training at the Legal Training and Research Institute of the Supreme Court of Japan (55th Trainee) and received his LL.M from Cornell Law School. Tomohiko is a bengoshi admitted to practice in Japan and is a member of the Daini Tokyo Bar Association.