GLP establishes second Japan development venture

Posted on Feb 19, 2016 in Nuts & Bolts

Morrison & Foerster, a global law firm, advised Global Logistic Properties Limited (GLP), the leading global provider of modern logistics facilities, in the establishment of a 50:50 joint venture, GLP Japan Development Venture II, with Canada Pension Plan Investment Board, one of the leading retirement funds in the world. GLP Japan Development Venture II is expected to reach US$2 billion over three years, and to commence construction of new developments in 2016.

Morrison & Foerster’s corporate deal team representing GLP was led by partners Eric Piesner and Shirin Tang in Singapore, Jason Nelms in Hong Kong, and Ken Muller in San Francisco. 

GLP Japan Development Venture II is a follow-on deal to a 2011 US$2.4 billion joint venture, GLP Japan Development Venture, between GLP and Canada Pension Plan Investment Board. GLP Japan Development Venture has expanded twice since its launch, with Morrison & Foerster representing GLP in each transaction.

Notably, the firm advised GLP on its 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 of 45% of GLP’s interests in GLP US Income Partners I to two leading global institutional investors from Asia and one from North America. The transaction, which marked GLP’s first foray into the U.S. market, was honored as Global Deal of the Year and North America Deal of the Year by the PERE (Private Equity Real Estate) 2014 Global Awards and was nominated by The Asian Lawyer Emerging Markets Awards 2015 as M&A Deal of the Year and Real Estate Deal of the Year.

Morrison & Foerster has also represented GLP in numerous other transactions in its global expansion, including advising:

• GLP on its 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 three leading global institutional investors.
• GLP in the formation of a US$1.1 billion fund in Brazil, GLP Brazil Income Partners II, and the acquisition of the portfolio of assets being injected into the fund. 
• A GLP affiliate in the formation of the world’s largest China-focused logistics infrastructure fund for a GLP affiliate.
• GLP in a US$1.6 billion joint venture for the acquisition of 15 logistics properties in Japan, and 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.