HONG KONG—Global law firm Morrison & Foerster has represented an affiliate of Global Logistic Properties Ltd., in the $3 billion China logistics fund venture announced last week.
The fund has been formed for the primary purpose of developing, owning and managing a diversified portfolio of institutional quality logistics facilities within target markets in the People's Republic of China.
The Wall Street Journal reports that the Singapore-listed firm, an owner-operator of warehouse facilities in China, Japan and Brazil, will retain a 56% stake in the fund. The fund will invest in new, wholly-owned logistics development projects in China during a three-year investment period, Global Logistic said in a statement last week.
"As demand for modern logistics facilities in China continues to grow, CLF Fund 1 ensures we have increased funding in place to capture a significant share in a $2 trillion market opportunity," said Jeffrey Schwartz, chairman of the executive committee at Global Logistic.
Morrison & Foerster's deal team was led by Eric Piesner, Ken Muller and Marcia Ellis with assistance from real estate, fund formation, corporate and tax lawyers in Morrison & Foerster's Singapore, Hong Kong, San Francisco and New York offices.
Investors have committed $1.5 billion in equity to the fund, with leverage allowing for an investment capacity of over $3 billion over three years. Six leading global institutions are investing alongside the company.
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