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GLP To Acquire Gazeley For About US$2.8 Bln

Global Logistic Properties or GLP said that it agreed to acquire Gazeley, a premier developer, owner and operator of modern logistics facilities in Europe for approximately US$2.8 billion or 2.4 billion euros.

GLP noted that it intends to inject the Gazeley portfolio into its fund management platform, in line with previous practice. Investor demand to partner with GLP in the European logistics market is strong and the Company is already in negotiations with interested capital partners.

GLP intends to retain the existing management team and the Gazeley brand. The Gazeley management team averages 19 years of experience managing and developing logistics real estate, with five offices across Europe.

Nesta Investment Holdings Limited supports GLP's entry into Europe as part of the long-term strategy to expand its fund management platform. Nesta and GLP do not expect the Europe entry to impact the timeline of the proposed privatization of GLP.

GLP intends to dispatch the Scheme Document to shareholders within the next 60 days, which will contain the full details of the Scheme including the date of the Scheme Meeting to approve the Scheme and expected date for payment of the Scheme Consideration.

This transaction is expected to be funded by approximately US$1.6 billion or 1.4 billion euros of equity and US$1.2 billion or 1.0 billion euros of long-term, low-cost debt. GLP will fund its equity commitment with cash on hand, existing credit facilities and new indebtedness.

by RTT Staff Writer

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