GLP Completes Acquisition of Central and Eastern Europe Logistics Real Estate Portfolio
The completion of the acquisition of Goodman Group’s CEE portfolio will strategically expand GLP’s European presence to 11 countries
Gazeley today announces that it is adopting the GLP brand name following its acquisition by the global investment manager in 2017. In addition, GLP announces that it has closed on the acquisition of Goodman Group’s Central and Eastern Europe logistics real estate portfolio.
GLP currently has US$7 billion of assets under management across the UK, Germany, France, Spain, Italy, Poland and the Netherlands. The addition of this unique, high-quality portfolio spread across Poland, Czech Republic, Slovakia and Hungary expands GLP’s European presence to 11 countries placing it within a select number of logistics real estate investors with a truly pan-European platform.
Nick Cook, President, GLP Europe, said: “Since entering the market in 2017, GLP has strategically expanded its presence across Europe to meet investor demand and support its disciplined pan-European growth strategy. We believe attractive macroeconomics, urbanisation, e-commerce growth and proximity to major distribution hubs across Europe are helping to drive Central and Eastern Europe’s logistics real estate market.”
The acquired portfolio is concentrated on key logistics routes across the region with access to growing markets for e-commerce and distribution. It will bring a number of new customers into the business and allow it to better support existing customers with their expanding supply chain requirements across Europe. To support the acquired portfolio and the Company’s growth in the region, Goodman Group’s Central and Eastern European local teams will join GLP’s European business.
Over the last 30 years, Gazeley has built a strong reputation as one of the leading investors and developers of logistics warehouses across Europe. Initially starting as a merchant developer as part of Walmart, the business has expanded its presence across the UK and subsequently Europe under several ownership structures. Since GLP acquired Gazeley in 2017 to enter the European logistics real estate market, the European business has doubled in size from an AUM, geographic footprint and people perspective, strengthening the team with several significant and strategic hires along the journey.
By fully embracing what it means to be GLP, the business is uniquely placed to stay ahead of the market by opening up new opportunities, smarter innovations and accessing a larger global network. While the change will bring a number of benefits, it won’t change the values or how the company operates. The goal is to enhance its offer, simplify its communications and deepen the relationships that have been built.
Nick Cook, President, GLP Europe, said: “Since we became part of GLP in 2017, we have experienced unprecedented growth not only in our existing markets, but we entered six new countries. Adopting the GLP name is a natural evolution for the business as we look to continue this expansion. GLP’s name is synonymous with forward-thinking, technology-led logistics real estate and this change reflects our commitment to using that expertise combined with our local market knowledge to enhance our offering in Europe. We are better together, and stronger than ever”
“We also look forward to welcoming our new colleagues to the team who will be critical in helping us expand our reach in Europe and beyond. The completion of this transaction is symbolic of our recent growth and ambitions for the next period. I’m proud to have been part of Gazeley journey and look forward to taking the business forward in its next chapter as GLP.”
Kirkland & Ellis served as legal counsel to GLP, with Greenberg Traurig and Kinstellar providing local legal advice. Cushman & Wakefield served as advisors to GLP and Goldman Sachs and Citi have committed to finance the acquisition.