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Morrison Foerster Advises GLP Capital Partners on Establishment of New China Advanced Research and Manufacturing Strategy

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Morrison Foerster acted as international counsel to GLP Capital Partners (“GCP”) in an agreement to establish a new strategy, GCP China Advanced Research Manufacturing (“ARM”) Value-Add Partners. 

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Morrison Foerster acted as international counsel to GLP Capital Partners (“GCP”) in an agreement to establish a new strategy, GCP China Advanced Research Manufacturing (“ARM”) Value-Add Partners. As detailed in <a href="https://gcp.com/news/glp-capital-partners-gcp-establishes-new-china-advanced-research-and-manufacturing-arm-strategy-with-initial-investment-capacity-exceeding-350-million/" target="_blank">GCP’s announcement</a>, the fund offers an initial investment capacity exceeding USD 350 million and will target industrial park investments with an ARM focus in China’s core economic hubs. The fund will initially acquire a high-specification industrial park from GLP’s balance sheet located in Beijing with over 140,000 sqm of net leasable area, serving customers in high-end automobile manufacturing, aviation, autonomous driving, and renewable energy industries. Developed and managed by GLP, the park’s excellent operational performance has positioned it as a flagship ARM facility in the region. The fund will also be able to acquire additional assets that target a broad range of ARM industry tenants, including new energy vehicle producers and smart manufacturing tenants who are establishing domestic manufacturing bases as part of China’s “New Economy” drive to support strategic emerging sectors of the future.The Morrison Foerster team was led by Singapore partners Lip Kian Ang, Yemi Tépé, and Shirin Tang and Singapore associates Mark Tay, Yong Wei Tan, Elaine Zhou, Timothy Lim, and Timothy Lau with invaluable support from senior counsel Rony Gerrits and associates Maria Francisca Couto and Teodora Peevska in Brussels.Morrison Foerster’s award-winning Asia real estate practice is comprised of over 40 lawyers across our five offices in the region and has advised on more than 150 significant real estate transactions in Asia in the past three years, with a total deal value in excess of over USD 70 billion. In the last two years alone, our Singapore team advised on over USD 25 billion of complex asset management and other transactions in the real estate space spanning South and Southeast Asia, Japan, China, and Latin America.

Morrison Foerster Advises GLP Capital Partners on Establishment of New China Advanced Research and Manufacturing Strategy

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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

Partner

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

Associate

Timothy represents private equity sponsors, leading banks and financial institutions, corporations, and credit funds on cross-border financing work covering acquisition and leveraged finance, syndicated lending, and other banking transactions.Prior to joining Morrison Foerster, Timothy worked at the Singapore office of a leading international law firm. He is fluent in English and Mandarin.<h4>Representative Experience</h4><ul><li>The mandated lead arrangers and lenders on the pre-IPO financing to a data center real estate investment trust listing on the SGX Mainboard, backed by the largest Japanese telecommunications company in Japan.</li><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 to invest in prime, institutional-grade modern logistics assets in China.</li><li>A global investment manager in its development financing for logistics facilities in Vietnam.</li><li>A global investment management in relation to multiple subscription line facilities.</li></ul>

Timothy Lim

Timothy Lau advises multinational corporations and investors in private equity real estate transactions (including data center leasing, capital raising, developments and disposals), M&A and general corporate matters across Asia.Prior to joining Morrison Foerster, Timothy worked at a leading Singapore law firm where he worked on cross-border and domestic M&A transactions for retail, commercial, logistics and hospitality REITs. <h4>Representative Experience</h4><ul><li>A leading fund manager in a dual-layered joint venture with a HK-listed company, a SGX-listed company and a real estate investor to acquire and operate a hospitality asset in Singapore.</li><li>Keppel REIT Management Limited in Keppel REIT’s strategic expansion into Japan with the acquisition of a boutique office building located in Ginza from Tokyu REIT, Inc. for S$84.4 million.</li><li>GLP Capital Partners in the establishment of a new strategy, GCP China Advanced Research Manufacturing Value-Add Partners, with an initial investment capacity exceeding US$350 million and targeting industrial park investments with an ARM focus in China’s core economic hubs.</li><li>GLP Pte. Ltd. in the establishment of GLP Japan Development Partners IV (JDP IV), which will have US$9.1 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 GLP Japan Income Fund, a US$5.4 billion private open-ended core fund in Japan, focused on acquiring a portfolio of logistics facilities in major markets in Japan.</li></ul>