MoFo Represents GLP in Forming European Funds

12/22/2017

Ken W. Muller, Oliver Rochman, Shirin Tang, Trevor L James, Andreas Grünwald, Yemi Tépé, and Annabel Gillham

Private Equity Funds and Real Estate

Press Release

LONDON (December 22, 2017) – Morrison & Foerster, a leading global law firm, is advising Global Logistic Properties Limited (GLP), the leading global provider of modern logistics facilities, in connection with the formation of two new European funds which increase the size of GLP’s fund management platform by US$4 billion (€3.4 billion) to US$43 billion. These funds were formed in conjunction with GLP’s acquisition of Gazeley, a premier developer, investor and manager of European logistics warehouses and distribution parks.

The first fund, GLP Europe Income Partners I, comprises a US$2 billion portfolio of Gazeley’s operating assets across the key European markets of the UK, Germany, France and the Netherlands. The second fund, GLP Europe Development Partners I (“GLP EDP I”), is a development venture expected to reach US$2 billion (€1.7 billion) when fully leveraged and invested. GLP EDP I is seeded with land to support 16 million square feet (1.4 million square metres) of buildable area. For more information, see GLP’s press release.

The Morrison & Foerster team representing GLP is being led by US partner Ken Muller, UK partner Oliver Rochman and Singapore partner Shirin Tang. Also providing advice are UK partner Trevor James on tax matters, Berlin partner Andreas Grünwald on antitrust matters, Singapore partner Yemi Tépé on finance matters, and UK of counsel Annabel Gillham on employment matters.

Morrison & Foerster has also represented GLP in numerous other transactions in its global expansion over recent years, including advising GLP or its affiliates in connection with the following:

  • The $11.64 billion privatization of GLP by way of a scheme of arrangement, reported to be the largest-ever private equity buyout of an Asian company by enterprise value, which was recognized by FinanceAsia as 2017 Deal of the Year and Best Leveraged Finance Deal.
  • Formation of a US$1.5 billion fund in the US, GLP US Income Partners III with six leading global institutional investors from Asia, the U.S. and the Middle East, and total equity commitments of US$620 million.
  • Acquisition of a US$4.55 billion logistics portfolio from Industrial Income Trust, the injection of the portfolio into its fund management platform, and the establishment of GLP US Income Partners II with leading global institutional investors.
  • Co-investment with an affiliate of Singapore sovereign wealth fund GIC Pte Ltd in a US$8.1 billion acquisition from the Blackstone Group of one of the largest real estate portfolios in the United States, the injection of the portfolio into GLP US Income Partners I, and the syndication by GLP of 45% of the interests in GLP US Income Partners I to two leading global institutional investors from Asia and one from North America. The transaction was recognized by PERE as Global Deal of the Year and North America Deal of the Year for 2014, and was named as the M&A Deal of the Year at The Asian Lawyer Emerging Markets Awards in 2015.
  • Formation of a US$1.1 billion fund in Brazil, GLP Brazil Income Partners II, and the acquisition of the portfolio of assets injected into the fund. 
  • Formation of a US$7 billion fund, one of the world’s largest China-focused logistics infrastructure funds.
  • Establishment of a US$2.4 billion joint venture, a US$2 billion joint venture, and a US$1.6 billion joint venture in Japan.
  • Establishment of a US$1.4 billion joint venture for the acquisition of 40 logistics properties in Brazil.

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