Morrison & Foerster is advising Global Logistic Properties Limited (GLP), the leading provider of modern logistics facilities in China, Japan and Brazil, on its portfolio acquisition of 34 assets in Brazil from BR Properties S.A., the second largest modern logistics provider in Brazil.

As detailed in GLP’s press release, the portfolio comprises 13 million square feet of completed logistics assets, with more than 86% of the portfolio located in the primary logistics markets of Sao Paulo and Rio de Janeiro, which together generate in excess of 40% of Brazil’s GDP. The transaction, valued at US$1.36 billion, is expected to strengthen GLP’s market-leading position in Brazil, one of the world’s largest markets for logistics. GLP’s completed portfolio in Brazil will increase to 28 million square feet following completion of the acquisition.

Morrison & Foerster partner Eric Piesner, who heads the firm’s Asia real estate practice, worked with KLA-Koury Lopes Advogados in Brazil. This is the second substantial transaction in Brazil where the firm has represented GLP. In November 2012, Morrison & Foerster advised on GLP’s US$1.45 billion joint venture with the Canada Pension Plan Investment Board, China Investment Corporation and the Government of Singapore Investment Corporation to acquire two portfolios of 40 logistics facilities in Brazil.

The firm also represented GLP in February 2014 in its landmark US$ 2.5 billion agreement with a group of strategic partners to develop GLP’s logistics network in China, as well as advising an affiliate of GLP in the November 2013 formation of the world’s largest China-focused logistics fund.