Global Logistic Properties forms two funds for European properties

The two will add $5.43b to its current fund management platform worth $57.8b.

Global Logistic Properties (GLP) completed the acquisition of European industrial developer Gazeley and raised the size of its fund management platform by $5.43b (€3.4b).

According to a press release, GLP previously injected $3.83b (€2.4b) into its fund management platform in order to acquire Gazeley.

GLP intends to retain the existing management team and the Gazeley brand.

Meanwhile, the inclusion of two new funds raised the size of its fund management platform to $57.8b (US$43b).

Meanwhile, the first fund, GLP Europe Income Partners I, comprises a $2.71b (€1.7b) portfolio of Gazeley’s operating assets across markets in the UK, Germany, France, and the Netherlands.

The second fund, GLP Europe Development Partners I (GLP EDP I), is a development venture expected to reach $2.71b (€1.7b) when fully leveraged and invested. The fund is seeded with land to support 16 million sqft of buildable area.