Global logistics giant GLP has secured a €300m loan for its European fund to help expand the fund’s logistics portfolio.
GLP Europe Development Partners I (GLP EDP I) secured the new 7-year pan-European development and term facility from RBC Real Estate Capital Partners (RECP).
GLP said the facility, which will be used to finance the build-out of the fund’s logistics portfolio, will initially be comprised of 12 properties located in the UK, Germany and France. The loan may be upsized with additional developments in the fund’s pipeline, GLP said.
GLP established GLP EDP I in December 2017 after completing the acquisition of Gazeley. Gazeley is GLP’s Europe platform.
GLP EDP I is seeded with land to support 16m square feet buildable area and is expected to reach £2.2bn (€2.56bn) when fully leveraged and invested.
Nick Cook, the president and CEO, Gazeley, said: “We continue to focus on delivering our attractive pipeline of development opportunities to provide superior returns to our investors.
“We are delighted to have the support of RECP which will be an important partner for us as we build on our recent successes.”