Morrison & Foerster has advised warehouse operator Global Logistic Properties Ltd on the raising of a $3 billion fund to build facilities in China.
Singapore-listed GLP established the fund with six institutional investors, including state and pension funds. It will build warehouses in China over the next three years, taking advantages of the rising demand for storage space fueled by the country’s booming e-commerce and retail market.
GLP is currently largest operator of modern warehouses, with 8.2 million square meters of space. In its statement, GLP said the new fund will be used to construct an additional 1.8 million square meters. To support the fund, the company has also secured a $1 billion credit facility with China Merchants Bank.
Singapore partner Eric Piesner, Hong Kong partner Marcia Ellis, and San Francisco partner Kenneth Muller led the Morrison & Foerster team advising GLP. WongPartnership asset management partner Low Kah Keong advised GLP on Singapore law.