GLP Buys European Logistics Firm

China investors-backed GLP buys logistic business in Europe. Global Logistic Properties, the largest warehouse owner in Asia, said it acquired European logistics business Gazeley for USD2.8billion.

Earlier in June this year, Singapore-listed GLP was taken private by a consortium of Chinese investors offered to buy the company for SGD15.8 billion (USD11.5 billion), the transaction will be subject to voting approval later this year according to the company. The investor group comprises GLP chief executive Ming Mei and Chinese investors Hopu, Hillhouse Capital, Bank of China Group Investment.

Gazeley portfolio, which spans the UK, Germany and France and is 98% leased. Magna Park, its flagship UK logistics park in Leicestershire, secured US tech firm Amazon as a tenant last year. The China-backed Singapore firm GLP bought the company from Brookfield Asset Management.

Singapore's sovereign wealth fund GIC holds a 36.8% stake in GLP. GLP said it did not expect the acquisition of Gazeley to affect the timeline of its privatisation.

- APMR News