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GLP has completed the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks.
It also established two new funds while raising the size of its fund management platform by US$4.0 billion (S$5 billion) to US$43 billion (S$58 billion).
GLP had announced that it is acquiring Gazeley with the intent of injecting the US$2.8 billion (S$4 billion) portfolio into its fund management platform in October 2017.
“Europe is a market we have been exploring for a while and this acquisition is the right fit for our business model at the right time,” said GLP chief operating officer Steve Schutte.
“GLP’s strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.”
With this, Nick Cook, Gazeley’s current chief operating officer, will step into the role of president and chief executive.
Meanwhile, the current chief executive Pat McGillycuddy will serve as non-executive chairman of Gazeley.
“We are pleased that the transaction has now completed, and I look forward to working with the team at GLP in my new role. Over our 30 year history, we have built a strong reputation for customer service, quality and innovation. I am thrilled to be handing the reins over to Nick, who I know will continue to build on our fantastic progress to date,” said McGillycuddy.
This article was edited by Keshia Faculin.
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