Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos

Supply Chain
Return to: LBR Home | Supply Chain

GLP to buy logistics developer Gazeley for $2.8bn

LBR Staff Writer Published 03 October 2017

Singapore-based logistics company GLP has agreed to acquire logistics developer Gazeley for around $2.8bn.

Gazeley is involved in the development and operation of modern logistics facilities in Europe.

GLP plans to include the Gazeley portfolio into its fund management platform. It also intends to retain the existing management team and the Gazeley brand.

The acquisition will add 32 million ft² of logistics space in major European logistics markets, including the UK, Germany, France and the Netherlands.

The portfolio is comprised of 17 million ft² of existing assets and a development pipeline of 16 million ft² of buildable area.

According to GLP, around 60% of Gazeley’s existing assets were developed within the last five years and 85% of the development pipeline is focused in the UK.

GLP co-founder and CEO Ming Mei said: “We have been looking to expand to Europe and this portfolio presents anattractive entry point given the quality and location of the assets.

“This transaction adds a premier operational and development platform for us in Europe and is part of our long-term strategy to expand our fund management business.”

In July, Nesta Investment Holdings offered around S$16bn ($11.6bn) to acquire GLP.

The company proposed to pay S$3.38 cash per share, representing 25% more than its closing price on 12 July.

GLP operates logistics facilities in China, Japan, Brazil and the US. The company has $38bn portfolio with 52 million ft² of space.

The firm provides services to around 4,000 customers, including manufacturers, retailers and third party logistics companies.


Image: GLP has agreed to acquire logistics developer Gazeley. Photo: courtesy of adamr / FreeDigitalPhotos.net.