Singapore-based industrial real estate firm Global Logistic Properties (GLP) says it intends to retain Gazely’s existing management team and brand name.
Singapore-based provider of logistics facilities GLP (Global Logistic Properties) has completed the acquisition of Gazeley, a European developer, investor and manager of logistics warehouses and distribution parks, GLP confirmed Dec. 20.
GLP announced its entry into Europe in October by revealing its intent to acquire Gazeley, with the stated intention of injecting the $2.8 billion USD portfolio into its fund management platform. Financial terms of the deal were not disclosed.
“This transaction is highly complementary, providing GLP with one of the highest quality portfolios in Europe as well as an experienced local management team with a strong development track record,” GLP explained in a prepared statement.
“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,” GLP CEO Steve Schutte explained. “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.”
GLP has also said that it intends to retain the existing management team and the Gazeley brand name.
Current Gazeley COO Nick Cook, who’s been the company for nearly 15 years, will step into the role of president and CEO, while Pat McGillycuddy, the current CEO and one of Gazeley’s founding members, will become non-executive chairman of Gazeley after 30 years with the company.
“We are pleased that the transaction has now completed, and I look forward to working with the team at GLP in my new role,” McGillycuddy said. “I am thrilled to be handing the reins over to Nick, who I know will continue to build on our fantastic progress to date.”
“I am delighted to take over the leadership of Gazeley at this incredibly exciting time in our evolution,” Cook said in a prepared statement. “We see a seamless fit with GLP and are excited about the company’s future prospects under this new long-term ownership structure.”
GLP acquires warehouse facilities manager Gazeley
