Morrison & Foerster is advising Singapore-listed Global Logistic Properties Ltd (GLP) on its plans to set up its second China-focused logistics infrastructure fund, with the aim of investing up to $7 billion in the sector in the next four years.
GLP, the largest provider of modern logistics warehouses in China, said its partners will include national pension funds and sovereign wealth funds from Asia, North America and the Middle East. It said $3.7 billion of equity has been committed to the fund, in which GLP will hold a 56 percent interest.
The Morrison & Foerster advising GLP on the transaction includes San Francisco fund formation partner Ken Muller, Singapore corporate partner Eric Piesner, Hong Kong corporate partner Marcia Ellis, New York tax partner Michelle Jewett, and New York real estate partner Chris Delson.
China's booming e-commerce industry faces a shortage of modern warehouse facilities. GLP estimates only 20 to 30 percent of the country's warehouses are categorised as modern with fully computerised tracking systems and the latest technology.
GLP's first $3 billion China development fund, launched in November 2013, has reached its investment capacity. Its customers include JD.com and Alibaba Group.
