GLP acquires European developer for $3.8b

It will acquire a 32 million sqft. portfolio.

Global Logistic Properties (GLP) acquired European logistic developer Gazeley for $3.8b (US$2.8b).

According to a press release, GLP intends to inject Gazeley's portfolio into its fund management platform.

Gazeley has 19 years of managing and developing logistic real estate, supported by five offices in Europe.

Its 32 million sqft. acquisition portfolio is concentrated in the UK, Germany, France, and the Netherlands. The company has 17 million sqft. of assets with 98% occupancy and weighted lease expiry of 9 years.

The company's entry into Europe is not expected to affect its privatisation.

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