Morrison & Foerster advised Sino-Ocean Capital on the formation of a US$1.4 billion core office fund (the Fund) that will invest in A-grade office projects in the core business districts of tier one cities in China. The Fund received capital commitments from Sino-Ocean Group and international investors, including a couple of global sovereign wealth funds and institutional investors.
Sino-Ocean Capital is a leading real estate fund management company in China and the Fund is currently the largest U.S. dollar fund in China’s office market. Similar funds in China typically have fixed portfolios, however this Fund has been established as a semi-blind pool fund, with a portion of its capital dedicated to Plot Z6 in the central business district of Beijing and the Sino-Ocean Guanghua International project. The remaining capital will be invested in other projects that meet the Fund’s investment criteria.
The MoFo team was led by Hong Kong partner Serena Tan, Deputy Co-Chair of the Firm’s Global Private Funds Group and Chair of Greater China Private Funds Practice. Other key team members included Matthew Lau, tax partner, Hong Kong, Yemi Tépé, finance partner, Singapore, Hong Cheong Wong, of counsel, Singapore, and Stephen Birkett senior consultant, Hong Kong. They were assisted by Hong Kong associates Conan Chen, Joanna Wang, and Andrew Chin as well as by Hong Kong paralegal Cori Ling and Hong Kong trainee solicitor Kenneth Lee.