Atlanta-based law firm Troutman Sanders LLP’s office in Shanghai, China, recently helped Japan-based New City Corp. close on the initial portion of a $200 million purchase of a Shanghai logistics park.
New City paid $160 million as the first step in acquiring its first property in China, the Wai Gao Qiao Bonded Logistics Park, a 22.3 million square foot warehousing facility.
Troutman Sanders negotiated the financing documents for a transaction that involved funding from Morgan Stanley Asset Funding Inc., which was represented by Allen & Overy LLP.
The transaction went as smoothly as could be expected given the current financial climate, according to Ken Fridley, New City’s vice chairman.
“Obviously not an easy transaction, particularly in light of the current credit markets, but thanks to each and every one of you, we got it done,” he said in a statement.
Attorneys from Troutman Sanders offices in Shanghai, Hong Kong and New York participated in the transaction. The firm has offices in those cities as well as London, Washington and other American cities.