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GLP completes US$2.8B Gazeley portfolio buy, sets up 2 new European funds

Global Logistic Properties Ltd. completed its acquisition of European logistics warehouse and distribution park developer, investor and manager Gazeley and set up two new European funds to give investors access to the US$2.8 billion Gazeley portfolio.

The Singapore-listed company also upsized its fund management platform's assets under management by US$4.0 billion to US$43.0 billion.

GLP agreed to acquire the Gazeley portfolio in October and in November said it planned to sell down the portfolio. In a Dec. 20 release, the company reiterated that it expects to complete the roughly 85% syndication by April 2018 and plans to retain the existing Gazeley management team and brand.

However, Gazeley COO Nick Cook will assume the company's president and CEO roles, with current CEO Pat McGillycuddy to become nonexecutive chairman.

GLP also established the GLP Europe Income Partners I fund, which consists of a US$2.0 billion portfolio of Gazeley's operating assets across the U.K., Germany, France and the Netherlands.

The second fund, GLP Europe Development Partners I, is a development venture that GLP expects to hit US$2.0 billion when 100% leveraged and invested. The fund is seeded with land to support 16 million square feet of buildable area.