logo
Share SHARE
FONT-SIZE Plus   Neg

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
World's largest oil company Saudi Aramco's initial public offering is on track and the listing will be in the second half of 2018, CEO Amin Nasser said in an exclusive interview with CNBC. There have been reports that the much awaited IPO might be delayed by one year. Taco Bell, the Mexican fast food chain of Yum! Brands Inc., is reportedly testing a new dessert product called the "Kit Kat Chocoladilla" at select locations in Wisconsin. It was tested last year in the UK. Nick Caporella, the chief executive officer of National Beverage Corp., has lashed out at short sellers after his company's shares declined more than 22 percent this month from their September 11 peak. In a statement, Caporella noted that less than 15 percent of the daily volume traded on major exchanges is financially driven by company fundamentals.
comments powered by Disqus
Follow RTT