GLP completes acquisition of European logistics major Gazeley
December 21, 2017: GLP, the leading global provider of modern logistics facilities has announced that it has completed the acquisition of Gazeley, a premier developer, investor and manager of European logistics warehouses and distribution parks.
In October 2017, GLP had announced its entry into Europe by acquiring Gazeley with the stated intention of injecting the US$2.8 billion (%u20AC2.4 billion) portfolio into its fund management platform.
This transaction is highly complementary, providing GLP with one of the highest quality portfolios in Europe as well as an experienced local management team with a strong development track record. GLP intends to retain the existing management team and the Gazeley brand.
Steve Schutte, COO GLP said, 'Europe is a market we have been exploring for a while and this acquisition is the right fit for our business model at the right time. GLP's strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.'
In yet another development, GLP has initiated two new funds%u2014GLP Europe Income Partners, comprising a $2.0 billion portfolio of Gazeley's operating assets across the key European markets, such as UK, Germany, France and the Netherlands. The second is GLP Europe Development Partners, which is a development venture expected to reach $2.0 billion when fully leveraged and invested.
Pat McGillycuddy, non-executive chairman of Gazeley said: "We are pleased that the transaction has now completed, and I look forward to working with the team at GLP in my new role. Over last 30 years, we have built a strong reputation for customer service, quality and innovation. I am thrilled to be handing the reins over to Nick, who I know will continue to build on our fantastic progress to date."
Nick Cook, president & CEO of Gazeley said: "I am delighted to take over the leadership of Gazeley at this incredibly exciting time in our evolution. Our way of working is deeply rooted in a customer-centric culture, continuous innovation and developing best-in-class distribution warehouses. We see a seamless fit with GLP and are excited about the company's future prospects under this new long-term ownership structure.'