MOFO ADVISES GLP ON CLOSING $4.55 BILLION U.S. LOGISTICS PORTFOLIO ACQUISITION AND ESTABLISHMENT OF GLP US INCOME PARTNERS II
Morrison & Foerster advised Global Logistic Properties Limited (GLP), the leading provider of modern logistics facilities, in completing its acquisition of a US$4.55 billion logistics portfolio from Industrial Income Trust and is also advising GLP on 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.
This transaction enlarges GLP’s U.S. footprint by 50 percent to 173 million square feet, with GLP becoming the second largest logistics property operator in the U.S. within a year of its entry into the market. GLP is also the largest provider of modern logistics facilities in China, Japan and Brazil.
Morrison & Foerster’s corporate deal team was led by Washington, D.C. partner David Slotkin, Singapore partner Eric Piesner, New York partner Jeff Bell, and Denver of counsel Erik Knudsen. Singapore partner Shirin Tang, San Francisco partner Ken Muller, and Singapore associate Lip Kian Ang are leading the Morrison & Foerster team advising on the syndication of interests in GLP US Income Partners II to investors. Advice is also being provided by New York partner Michelle Jewett and San Francisco partner Bernie Pistillo on tax matters; Los Angeles partner Tom Fileti, Los Angeles partner Marc Young, New York partner Tom McGovern, Los Angeles of counsel Susannah Cupp and New York of counsel Guy McPherson on real estate and finance matters; Washington, D.C. partner Nicholas Spiliotes and Washington, D.C. of counsel Aki Bayz on anti-trust and CFIUS matters; and San Francisco partner Bill Tarantino and San Francisco associate Alejandro Bras on environmental matters.
For more information see GLP’s press release.
Earlier this year, the firm advised GLP on its co-investment with an affiliate of Singapore sovereign wealth fund GIC Pte Ltd in the 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. In addition, the firm advised GLP on the expansion of its US$2.2 billion joint venture in Japan with the Canada Pension Plan Investment Board, 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.
In the past year, Morrison & Foerster’s REIT Practice has handled over $20 billion in M&A transactions and $2 billion in securities offerings. Named by Law360 and Dealogic as a Top 10 REIT M&A Law Firm Advisor of 2015, it is recognized for its engagement on some of the most high-profile matters in the REIT space in the past year, including representation of UDR, Inc. in connection with Lone Star’s $7.6 billion acquisition of Home Properties, Inc., AmREIT in its $763 million acquisition by Edens Investment Trust, Trade Street Residential’s merger with Independence Realty Trust, and Global Logistic Properties in multiple deals with an aggregate value of approximately $14.1 billion. The firm’s REIT practice has also led multiple initial public offerings in 2015 including those by Community Healthcare Trust and Jernigan Capital.