GLP, a London-based provider of modern logistics facilities, entered into a definitive agreement to acquire Gazeley, a European developer, owner and operator of modern logistics facilities, for approximately $2.8 billion. This transaction provides GLP with one of the highest quality portfolios in Europe as well as an experienced local management team with a strong development track record.
“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 Mei, co-founder and CEO of GLP. “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.”
GLP intends to inject the Gazeley portfolio into its fund management platform. GLP also intends to retain the Gazeley brand and the existing management team, which averages 19 years of experience managing and developing logistics real estate.