MoFo Advises GLP on Syndication of its Stake in GLP US Income Partners I

Transaction brings GLP's assets under fund management to US$20 billion with three new investors into GLP US Income Partners I

06/01/2015

Eric J. Piesner, Shirin Tang, and David P. Slotkin

Real Estate and REITs

Press Release

SINGAPORE (June 1, 2015) – Morrison & Foerster is advising Global Logistic Properties Limited (GLP), the leading provider of modern logistics facilities in China, Japan, and Brazil, on the syndication of 45% of its interests in GLP US Income Partners I to two leading global institutional investors from Asia and one from North America, as detailed in GLP’s press release.

Morrison & Foerster is advising GLP on the transaction, with a deal team led by Singapore corporate partners Eric Piesner and Shirin Tang, Washington, D.C. corporate partner David Slotkin, and Singapore associate Lip Kian Ang. Advice was also provided by San Francisco corporate partner Ken Muller, New York tax partner Michelle Jewett, Washington, D.C. finance partner Nicholas Spiliotes, and Los Angeles real estate partner Marc Young.

Earlier this year, the firm advised GLP on its co-investment with an affiliate of Singapore sovereign wealth fund GIC Pte Ltd in the acquisition from the Blackstone Group of one of the largest real estate portfolios in the United States, which has been injected into GLP’s fund management platform. The transaction, valued at US$8.1 billion, marked GLP’s first foray into the U.S. market.  The firm also advised GLP on the expansion of its US$2.2 billion joint venture in Japan with the Canada Pension Plan Investment Board, as well as on the formation of a US$1.1 billion fund in Brazil, GLP Brazil Income Partners II (“GLP BIP II”) and the acquisition of the portfolio of assets being injected into GLP BIP II.  The firm also represented an affiliate of GLP in the formation of the world’s largest China-focused logistics infrastructure fund; represented GLP in a US$1.6 billion joint venture for the acquisition of 15 logistics properties in Japan; and represented GLP in a US$1.4 billion joint venture for the acquisition of 40 logistics properties in Brazil.

Morrison & Foerster opened its Singapore office, the firm’s fifth in Asia, in early 2013 to support clients’ deepening commitments to South and Southeast Asia. Since that opening, the firm has worked on a number of major cross-border transactions originating in Singapore. In addition, Morrison & Foerster has the leading real estate practice in Asia, with over 25 full-time dedicated real estate attorneys resident across the firm’s five Asian offices.

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