Morrison & Foerster is advising Singapore’s Global Logistic Properties Ltd. on its proposed $1.4 billion acquisition of logistics facilities.
GLP is purchasing 34 warehouses, totaling 13 million square feet of space, from commercial real estate group BR Properties SA. Most of the warehouses are located in the major markets of Rio de Janeiro and São Paulo.
GLP made its offer after talks between BR and another company, WTGoodman IBP Participações S.A., fell apart. The deal, which is subject to due diligence as well as regulatory and GLP board approval, is expected to close by August 31.
Singapore partner Eric Piesner is acting for GLP. KLA-Koury Lopes Advogados is serving as Brazilian counsel. Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados is representing BR Properties.
Piesner represented GLP on a previous Brazil deal in 2012, when the logistic company and a number of joint venture partners paid $1.5 billion for 40 warehouses. Morrison & Foerster is also currently advising GLP on a $2.5 billion investment in the company by a consortium of Chinese investors.