In February 2018, for KRW 61.2 billion, Lasalle Private Real Estate Investment Trust No. 3, a real estate private fund managed by Lasalle Asset Management Company Limited, sold a six-story warehouse facility (called Logiport Icheon^*) in the City of Icheon to Deutsche No. 22 Professional Investors Private Real Estate Investment Limited Liability Company (“Purchasing Entity”).  The Purchasing Entity is managed by Deutsche Asset Management Company Limited. 

Logiport Icheon is a warehouse center that was newly developed and completed in May 2017.  The facility is leased and occupied by Mercedes Benz as its Asia distribution center; by Li & Fung, a professional distribution company for clothing brands such as Nike and Converse; and by two other domestic distribution companies.  The Purchasing Entity was able to assume all of the lease agreements with the existing tenants on an as-is basis.

Our Representation:

Members of Kim & Chang’s Real Estate Practice provided comprehensive services, including drafting all major transaction agreements and ancillary agreements (e.g., the memorandum of understanding, and the real property sale and purchase agreement), advising on the establishment and capital injection of the Purchasing Entity, which is a collective investment vehicle, and drafting all relevant legal documents for financing and funding, such as the members’ loan agreement and units transfer agreement.  

Using its broad and in-depth experience and expertise in collective investment vehicles, our team was able to assist foreign investors to fully understand the deal structure and successfully complete the funding and purchase of assets.