Gazeley has announced its new chief executive as GLP completes its €2.4bn (£2.1bn) acquisition of the European logistics platform.
Nick Cook, chief operating officer of Gazeley, will take over as president and chief executive of Europe, replacing Pat McGillycuddy who will become non-executive chairman.
Singapore-listed GLP, the largest owner of warehouses in Asia, will establish two new funds with its Gazeley acquisition.
The first fund, GLP Europe Income Partners I, comprises a $2bn (£1.5bn) portfolio of Gazeley’s operating assets across the UK, Germany, France and the Netherlands.
In addition, the company will undertake a development venture with GLP Europe Development Partners I, which is expected to reach $2bn when fully leveraged and invested. The fund is seeded with enough land for 16m sq ft of buildable area.
The deal is GLP’s first major acquisition in Europe and takes its fund management AUM from $39bn to $43bn.
As of completion, co-investors have funded about 24% of the capital contributions toward the deal alongside GLP, and the company expects to complete an 85% syndication by April 2018.
It said that demand from institutional investors – including sovereign wealth funds, pension plans and financial institutions – to partner with GLP in Europe has so far outstripped the amount available for investment.
Steve Schutte, chief operating officer of GLP, said: “Europe is a market we have been exploring for a while and this acquisition is the right fit for our business model at the right time.
“GLP’s strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.”
Cook added: “I am delighted to take over the leadership of Gazeley at this incredibly exciting time in our evolution.
“Our way of working is deeply rooted in a customer-centric culture, continuous innovation and developing best-in-class distribution warehouses. We see a seamless fit with GLP and are excited about the company’s future prospects under this new long-term ownership structure.”
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