LONDON—Industrial giant Global Logistics Properties, soon to be taken private by an investor consortium, is making its entry into the European market with the US$2.8-billion acquisition of Gazeley from Brookfield. The acquisition has the support of Nesta Investment Holdings Ltd., the group which this past July agreed to pay US$2.46 per share for GLP.
“We have been looking to expand to Europe and this portfolio presents an attractive entry point given the quality and location of the assets,” says Ming Z. Mei, GLP's co-founder and CEO. “This transaction adds a premier operational and development platform for us in Europe and is part of our long-term strategy to expand our fund management business.”
In keeping with past practice, GLP plans to incorporate the Gazeley portfolio into its fund management business, currently at US$39 billion globally. The Gazeley brand and management team will be retained.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
