GLP acquires Gazeley at $3.81 bil, expands into Europe
By Angela Teo
/ EdgeProp |
Global Logistics Properties (GLP) is set to acquire Gazeley at US$2.8 billion ($3.81 billion), while retaining the existing management team and the Gazeley brand. According to GLP, the acquisition, which marks the company’s entry into Europe, is not expected to impact the timeline of GLP’s proposed privatisation.
The 32 million sq ft Gazeley portfolio is spread across the UK (57%), Germany (25%), France (14%) and the Netherlands (4%).
This includes 17 million sq ft of existing assets that are 98% leased with a weighted lease expiry of 9 years, as well as a development pipeline of 16 million sq ft buildable area. About 60% of the existing assets were built within the last five years and 85% of the development pipeline is centred in the UK.
Source: IDI Gazeley
Construction on Altitude, a Gazeley development at Magna Park, Milton Keynes, England, started on Sept 14 and is slated for completion by end-February 2018
GLP plans to inject the Gazeley portfolio into its fund management platform. There is strong investor demand to partner GLP in the European logistics market and the company is already in negotiations with interested capital partners, says GLP.
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