Baker & McKenzie (Gaikokuho Joint Enterprise) has advised Pure Salmon Japan on a JPY70 billion (USD435 million) project in Tsu City, Mie Prefecture, set to become one of the country’s largest land-based salmon farming facilities.
The project will utilise a Godo Kaisha–Tokumei Kumiai (GK-TK) and Real Estate Syndicate Act structure, supported by senior debt and mezzanine financing to fund the construction of a recirculating aquaculture facility. The transaction also involved several domestic and cross-border project vendor agreements.
Baker & McKenzie (Gaikokuho Joint Enterprise), the Japanese arm of the global law firm, has advised on the project for several years, culminating in a successful financial close this month. The firm advised on the structuring, development, construction and financing for the project.
Partner Seishi Ikeda, head of the real estate group in the firm’s Tokyo office, led the team with the support of partner Pierre Chiasson. Associate Ryota Hiyamizu handled overall management of the deal.
Sponsored by Singapore-headquartered 8F Asset Management, Pure Salmon Japan’s farming facilities will span a 137,000 square metre site, expecting to produce 10,000 tonnes of Atlantic salmon annually.