LONDON—GLP, the publicly traded industrial giant whose shareholders recently approved a privatization, said Wednesday it had completed its acquisition of Gazeley from Brookfield. The US$2.8-billion deal marks GLP's entry into Europe and was first announced in October.

In connection with the Gazeley acquisition, GLP has established two new funds and increased the size of its fund management platform by US$4 billion to US$43 billion. The first of the two funds, GLP Europe Income Partners, comprises a US$2- billion portfolio of Gazeley's operating assets across key markets. The second, GLP Europe Development Partners I, is a development venture expected to reach US$2 billion when fully leveraged and invested. It's seeded from Gazeley's existing pipeline, with land to support 16 million square feet of buildable area.

“Europe is a market we have been exploring for a while, and this acquisition is the right fit for our business model at the right time,” says Steve Schutte, GLP's COO. “GLP's strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.”