Andrea Orlandi, managing director, head of real estate investments – Europe, CPPIB, says “This partnership deepens our longstanding relationship with GLP, one of our largest global partners and establishes a new relationship with QuadReal. GLP CDP I is a key part of our development-led growth strategy in the logistics sector globally, and will significantly enhance our existing holdings in Continental Europe. We expect GLP CDP I to grow quickly in scale and perform well over the long term given rising e-commerce sales and consumer demand for ever-shorter delivery times in Europe.”

Jay Kwan, head of Europe, QuadReal, adds, “Research and experience inform our high conviction about developing logistics facilities in select, target markets that will create a resilient industrial portfolio. We are delighted to be partnering with CPPIB and GLP as we invest in the logistics sector across Continental Europe.”

GLP's Gazeley has signed more than 3.8 million square feet of new leases in Europe since the start of the year to customers including Amazon, Kingfisher, Wayfair and Zeus Packaging. Gazeley has begun construction on more than 5.9 million square feet of new developments in the period as well as replenished its development landbank. With the establishment of GLP CDP I, GLP will have three funds in Europe totaling more than $7 billion of assets under management when fully invested.

GLP, whose US operations are headquartered in Chicago, has approximately $60 billion of assets under management globally. The company's real estate fund platform totals 700 million square feet. In December 2017, GLP entered the European market through its acquisition of Gazeley, a premier developer, investor and manager of logistics warehouses and distribution parks in Europe.