GLP has entered into an agreement to acquire Goodman Group’s Central and Eastern Europe logistics real estate portfolio, subject to regulatory approvals. The company entered the European market in December 2017 through the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks with a 2.4 million m² portfolio across the UK, Germany, France, Spain, Italy, Poland and the Netherlands. The addition of this unique, high-quality portfolio that is spread across Poland, Czech Republic, Slovakia and Hungary will expand GLP’s European presence to 10 countries and it will join a select number of logistics real estate investors with a truly pan-European portfolio.
The portfolio is concentrated on key logistics routes across the region with access to growing markets for e-commerce and distribution. It will bring a number of new customers into the business and allow it to better support existing customers with their expanding supply chain requirements across Europe in Poland, Czech Republic, Slovakia and Hungary. In addition, Goodman Group’s Central and Eastern European approximately 40-person team working in the region will join GLP’s European team, Gazeley, upon completion of the transaction and will support the Company’s growth across Europe. The purchase price was not disclosed.
Nick Cook, Chief Executive Officer, Gazeley, said: "This deal is a very exciting part of our European growth strategy. The scale and geographic footprint of the portfolio is highly complementary to our existing business and offers us compelling opportunities for growth in a number of important European markets. We are confident that the addition of this portfolio will support us in delivering further value to investors and our customers. We very much look forward to welcoming the team, its customers and partners to Gazeley in the coming months.”