GLP completes acquisition of €1bn CEE logistics real estate portfolio

GLP completes acquisition of €1bn CEE logistics real estate portfolio
Photo : Courtesy of Gazeley

Singapore-based GLP announced that it has closed on the acquisition of Goodman Group’s Central and Eastern Europe logistics real estate portfolio.

“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,” said Nick Cook, President, GLP Europe.

The acquired portfolio is concentrated on key logistics routes across the region with access to growing markets for e-commerce and distribution.

In addition, Gazeley announced that it is adopting the GLP brand name following its acquisition by the global investment manager in 2017.

“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 are better together, and stronger than ever, ” said Nick Cook, President, GLP 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. The completion of this transaction is symbolic of our recent growth and ambitions for the next period. I’m proud to have been part of Gazeley journey and look forward to taking the business forward in its next chapter as GLP.”

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.