Weil, Gotshal & Manges is advising a consortium of Chinese investors on a $2.5 billion investment in Singapore-based warehouse operator Global Logistic Properties Ltd.
The consortium, led by private equity firm Hopu Funds and Bank of China Investments Ltd., is buying a 34 percent share of the company’s Chinese subsidiary as well as a 1.5 percent stake in GLP itself. No closing date was given for the transaction, which is subject to regulatory and shareholder approval.
Both GLP and the consortium say they expect further growth in China’s logistics sector from continuing urbanization and rising domestic consumption. GLP intends to use the proceeds from the deal to expand its network in China.
Weil Beijing partner Li Li and Shanghai partners Steven Xiang and Anthony Wang are acting for the consortium, which also includes an unnamed Chinese insurance company. Stamford Law Corp. is serving as Singapore counsel.
Morrison & Foerster Singapore partner Eric Piesner and Hong Kong partner Marcia Ellis are representing GLP. Hong Kong partners Jeremy Hunt and Tim Blakely, Beijing partner Sherry Yin, Tokyo partner Leo Aguilar, San Francisco partner Michelle Jewett, Palo Alto partners Suzanne Graeser and Mike Frank and Washington, D.C., partner Nick Spiliotes are also part of the firm’s team on the deal.
Allen & Gledhill is advising GLP on Singapore law. Walkers Singapore partner Thomas Granger and Cayman Islands partner Andrew Miller are advising GLP on Cayman Islands and British Virgin Islands law matters.*
*Updated, 2/21/14: This story has been updated to include the role of Walkers as Cayman Islands and British Virgin Islands counsel to GLP.