Tongshang assists GIC in acquiring JD's logistics assets
In February 2019, GIC (Realty) Pte Ltd (“GIC”), though one of its affiliates, established JD Logistics Properties Core Fund, L.P. (the “Fund”) together with JD Group for a total committed capital of over RMB4.8 billion. On 27 February 2019, GIC entered into a definitive agreement with JD Group, pursuant to which JD Group will dispose of several modern logistics warehouse facilities to the Fund for a total gross asset value of RMB10.9 billion. Subsequent to the disposition, JD will lease back these facilities for operational purposes.
Established in 1981, GIC is Singapore’s sovereign wealth fund with over USD100 billion in assets in over 40 countries worldwide. Headquartered in Singapore, its mission is to manage Singapore’s foreign reserves by investing across a range of asset classes in the global public and private markets.
Acting as GIC’s PRC legal counsel for this acquisition, Tongshang conducted in-depth legal due diligence on the target companies and assets, as well as assisted with the review, revision and negotiation of the major transaction documents of the acquisition from the perspective of PRC law. Tongshang helped the client successfully complete the complex transaction in a timely manner, and its high quality and efficient services were recognised by all the parties involved. This transaction once again demonstrated Tongshang’s professional capabilities in providing international quality legal services for assisting foreign investors making investments in China.