Morrison & Foerster is advising Singapore’s Global Logistic Properties Ltd. and its joint venture partners on real estate acquisitions in Brazil worth a total $1.5 billion.
The firm represented GLP in the formation of two joint ventures with the Canada Pension Plan Investment Board, China Investment Corp., and the Government of Singapore Investment Corp., and in those JVs’ purchase of 40 warehouses and other logistics facilities in Brazil from São Paulo-based asset management company Prosperitas. About 90 percent of the properties are located in São Paulo or Rio de Janeiro.
GLP says the acquisitions allow it to expand into a key market, as well as capitalize on the limited supply of logistics space in Brazil. That supply is about 6 percent of that in the United States, according to a company statement, and most of it is in need of updating.
The deal is expected to close by the end of the month.
Morrison & Foerster Tokyo partners Eric Piesner, Stan Yukevich, and Theo Seltzer are representing GLP and the JVs. Piesner also represented GLP last year on a $1.6 billion joint venture with CIC to acquire warehouses in China. Barbosa, Müssnich & Aragão partner Daniela Soares is advising GLP on Brazilian law.
Partner Sergio Machado of São Paulo-based Lefosse Advogados is advising Prosperitas.
In the negotiations to form the joint ventures, Skadden, Arps, Slate, Meagher & Flom Chicago partner Nancy Olson acted for GIC; Goodmans Toronto partner Juli Morrow advised CPPIB; and Shearman & Sterling Singapore senior associate Shirin Tang represented CIC.
Email: tbrennan@alm.com.
