Advised Korea Post on Its Investment in an Office Building in California, USA
2017.09.21.
Yulchon advised Korea Post on making an investment in The CAMPUS @3333 Phase III, an office building located in Santa Clara, (Silicon Valley) California, USA (the "Property"), through a joint venture (the "Joint Venture") established in the USA by Korea Post and the California Teachers" Retirement System (the "CalSTRS").
For the investment, the Joint Venture acquired the shares of a REIT under the US tax law that substantially owned the Property through its subsidiaries. CalSTRS and Korea Post individually executed investment management agreements with CBRE Global Investors ("CBREGI"), which would oversee the investment locally as the manager of the Joint Venture.
Yulchon examined various due diligence reports, the purchase agreement with the seller, the investment management agreements with CBREGI, the joint venture agreement with CalSTRS, tax-related issues, and regulations on foreign exchange transactions, in addition to preparing related reports. Yulchon facilitated the acceptance of the foreign exchange report under close cooperation with the Financial Supervisory Service. Yulchon also paid meticulous attention to tax exemption requirements of the US tax law, in which the client was particularly interested. Yulchon’s effort made considerable contributions to the successful conclusion of this deal in spite of strict time constraints.
Jae Hyun Park, Jin Seok Choi, Young Joon Yoon, Seungyul (Shawn) Yum, and Joseph Choe provided the overall transaction advice while Kyu Dong Kim and Joon Yung Jo advised on tax-related matters.
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