30 November, 2015
Baker & McKenzie recently advised APG Asset Management N.V.,the Dutch pension asset manager ("APG"), on its establishment of a joint venture platform (the "JV") with logistics developer, owner, operator e-Shang and its Seoul-based subsidiary Kendall Square Logistics Properties (“KSLP”). The JV will develop and own a portfolio of institutional-grade, modern logistics real estate assets across South Korea and will initially be capitalized with equity commitments totalling US$500 million with an option to upsize the JV to a total capitalization of US$1 billion. Canada Pension Plan Investment Board ("CPPIB") joined APG to form the JV with e-Shang.
e-Shang and KSLP have identified a pipeline of development opportunities in the Seoul and Busan Metropolitan Areas and have already secured two assets in the Seoul region that will be used to seed the JV. The JV will target to own a portfolio of logistics real estate assets with an aggregate size of over 1.5 million square meters in gross floor area over the next several years.
The Baker & McKenzie team advising APG was led by Jason Ng, Hong Kong-based corporate partner and head of the Firm’s investment funds group in Hong Kong/China, with assistance from special counsel Taotao Ling on corporate and regulatory issues and partner Steven Sieker on tax issues.
Commenting on the deal, Jason Ng said, “We are delighted to continue our representation of APG and to assist on expanding its relationship with e-Shang, which further builds on APG's commitment to the region and its strategy to participate in city specific platforms in key gateway urban centres around the world. In 2014, we advised APG on its US$650 million commitment to Shanghai-based e-Shang, a leading Chinese warehousing developer, owner and operator.”
