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Global Logistic Properties (GLP) has agreed to acquire Gazeley, a leading European logistics platform, for 2.4 billion euros (S$3.8 billion).
With properties across four countries in Europe, Gazeley’s portfolio comprise around 32 million sq ft of total gross leasable area upon full build-out of the land bank held by entities that are directly or indirectly owned by BSREP Bermuda Europe Holdings Limited.
BSREP is in turn owned by BSREP Europe Holdings, a fund affiliated with Brookfield Asset Management Inc.
In an SGX filing, GLP explained that the deal involves the acquisition of all the shares of BSREP from BSREP Europe Holdings.
“The acquisition will allow the company to acquire one of the highest quality (in terms of class and location) logistics portfolios in Europe as well as an experienced local management team with a strong development track record,” it said.
In view of the acquisition, GLP incorporated two subsidiaries – Pearl Income Investments S.à r.l and Pearl Income Investments UK Limited – in Luxembourg and England, respectively.
Meanwhile, Nesta Investment Holdings Ltd, which offered to buy out the company and take it private, has expressed its support for the acquisition.
“The offeror is supportive of the company’s growth initiatives to expand into Europe, as part of the offeror’s plans to actively build upon the GLP Group’s fund management platform in existing and new markets,” it said.
“The offeror has accordingly confirmed its support to the company in relation to the acquisition. The offeror and the company do not expect the acquisition to have any impact on the timeline of the scheme.”
This article was edited by Keshia Faculin.