GLP is buying Goodman Group’s Central and Eastern European logistics real estate portfolio for around €1bn (£890m).
GLP, which made its European debut with the acquisition of Gazeley in 2017, said the acquisition of the portfolio would expand its European presence to 10 countries and make it a truly pan-European logistics owner.
The 2.4m sq m portfolio is concentrated on key logistics routes in Poland, the Czech Republic, Slovakia and Hungary with access to growing markets for e-commerce and distribution.
Goodman’s Central and Eastern European team of around 40 people will join GLP as part of the acquisition.
Gazeley chief executive Nick Cook 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.”
Philippe Van der Beken, chief executive of Goodman Continental Europe, said: “The proceeds of this transaction will enable us to capitalise on the strong demand for industrial property and continue to scale up in the major consumer markets in Germany, France, Spain, Benelux and Italy.
“We will continue to focus on owning high-quality properties and building out our significant development pipeline in these markets, where barriers to entry are high and land is scarce.”
The deal is being financed by Goldman Sachs and Citi.
Cushman & Wakefield advised GLP on the deal.
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