Industrial property specialist Gazeley has announced that it is adopting the GLP brand name following its acquisition by the global investment manager in 2017. In parallel, GLP has closed on the €1 bn acquisition of Goodman Group’s Central and Eastern Europe (CEE) logistics real estate portfolio.
The significant deal, which was announced in March of this year, covers around 1.3 million m2 of space across Poland, the Czech Republic, Slovakia and Hungary spread over 40 distribution centres, plus a landbank of 1.1 million m2.
GLP currently has $7 bn (€6 bn) of assets under management across the UK, Germany, France, Spain, Italy, Poland and the Netherlands. The addition of the portfolio expands GLP’s European presence to 11 countries.
Nick Cook, president of 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.'
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, GLP said.
Cook added: '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 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.'
Kirkland & Ellis served as legal counsel to GLP on the acquisition of the CEE portfolio, with Greenberg Traurig and Kinstellar providing local legal advice.
Cushman & Wakefield served as advisors to GLP and Goldman Sachs and Citi financed the acquisition.
