Kim & Chang represented co-lead managers of the initial public offering (“IPO”) and KOSPI listing of ESR Kendall Square REIT Co., Ltd. on the Korea Exchange.  For this listing, we (i) prepared and reviewed relevant agreements including the mandate (for the designation of co-lead managers) and firm commitment underwriting agreement, (ii) reviewed the registration statement, and (iii) looked into legal issues associated with real estate investment trust (“REIT”) companies.

This case is meaningful because the listing of a REIT backed by logistics assets occurred for the first time in Korea.  The listing of this REIT required us to take into account all the applicable laws and regulations including the Financial Investment Services and Capital Market Act and the Real Estate Investment Company Act in order to provide helpful legal advice.  Moreover, as the IPO was targeting foreign investors, it was essential to review domestic and foreign IPO-related documents in a systematic manner.  On behalf of the co-lead managers, we successfully carried out all these tasks.