Daily News: June 9, 2014

MoFo Advises Global Logistic Properties Closing

Morrison & Foerster is advising Global Logistic Properties in its agreement with a group of strategic partners.

The first tranche of the transaction — which comprises a $1.48 billion investment in China Holdco and a $163 million investment in in GLP Listco — has closed. The second tranche, with a planned investment of up to $875 million in China Holdco is expected to be completed within the next six months.

Morrison & Foerster is advising Global Logistic Properties in the transaction with a corporate team led by Singapore corporate partner Eric Piesner and Hong Kong corporate partner Marcia Ellis, together with Shanghai real estate partner Maria Wang; Hong Kong corporate partner Jeremy Hunt; San Francisco tax partner Michelle Jewett; and Tokyo corporate partner Leo Aguilar.

Wang joined the firm in Shanghai this week, bringing PRC experience, an extensive background working on complex, high-end real estate transactions, and sophisticated knowledge of offshore legal regimes to further strengthen Morrison & Foerster’s top tier Asia real estate practice.

In connection with closing on the transaction, the Board of GLP has appointed Fang Fenglei as a Non-Executive & Non-Independent director and a member of its Investment Committee. He is founding partner and chairman of HOPU Investments, and Non-Executive Chairman of Goldman Sachs Gao Hua Securities Company.

Morrison & Foerster opened its Singapore office, the firm’s fifth in Asia, early last year 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. Piesner and Ellis represented an affiliate of GLP in the November 2013 formation of the world’s largest China-focused logistics infrastructure fund.

Among the largest real estate related transactions in China in the past several years, the formation of the GLP China logistics fund in 2013, together with this latest transaction, firmly establishes Morrison & Foerster as a market leader and destination firm for the largest and most complex real estate matters in China.