GLP to acquire Goodman Group’s CEE logistics portfolio
GLP, global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies, announced that it has entered into an agreement to acquire Goodman Group’s CEE logistics real estate portfolio, subject to regulatory approvals.
GLP entered the European market in December 2017 through the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks with a 2.4 million sqm portfolio across the United Kingdom, Germany, France, Spain, Italy, Poland and the Netherlands.
The addition of the Goodman Group portfolio that is spread across Poland, Czech Republic, Slovakia, and Hungary will expand GLP’s European presence to 10 countries.
The acquired 2.4 million sqm portfolio is concentrated on key logistics routes across the region with access to growing markets for e-commerce and distribution. It will bring a number of new customers into the business and allow it to better support existing customers with their expanding supply chain requirements across Europe in Poland, Czech Republic, Slovakia, and Hungary.
In addition, Goodman Group’s CEE team, which consists of approximately 40 people, will join GLP’s European team, Gazeley, upon completion of the transaction and will support the Company’s growth across Europe.
"This deal is a very exciting part of our European growth strategy," Gazeley CEO Nick Cook says. "The scale and geographic footprint of the portfolio is highly complementary to our existing business and offers us compelling opportunities for growth in a number of important European markets. We are confident that the addition of this portfolio will support us in delivering further value to investors and our customers. We very much look forward to welcoming the team, its customers and partners to Gazeley in the coming months."
Kirkland & Ellis served as legal counsel to GLP, with Greenberg Traurig and Kinstellar providing local legal advice. Cushman & Wakefield served as advisors to GLP and Goldman Sachs and Citi have committed to finance the acquisition.
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