Brookfield has selected a shortlist of four final parties to buy its €2bn (£1.8bn) IDI Gazeley European logistics platform.
Mapletree Investments, Canada Pension Plan Investment Board, Global Logistic Properties and Schroders are all in the running.
It is understood that final bids for the platform are due towards the end of September with a preferred bidder likely to be picked in the week or so afterwards.
Mapletree and Global Logistic Properties were underbidders for Blackstone’s €12.25bn Logicor business, of which China Investment Corporation is due to complete its purchase next month.
Mapletree is backed by the Singaporean government, and although its sister organisation, Singaporean sovereign wealth fund GIC, bought P3 last year for €2.4bn, it is yet to establish a foothold in the European logistics market.
GLP’s bid for Logicor was hampered by its own corporate upheaval at the time but this has now been resolved and its appetite to enter Europe has been rejuvenated. The largest logistics company in Asia has long been contemplating a footprint in the Continent that would bring synergies with its existing portfolio both with tenants and operationally.
Last month the Singapore-listed firm agreed a sale to a management-backed group including Bank of China Group Investment, China Vanke and chief executive Ming Mei’s SMG.
CPPIB would also be a new entrant to the European logistics market but has historically been a major investor in Prologis’s funds. It also has extensive experience globally having formed partnerships to invest in the sector in India, Japan, Indonesia and Singapore.
Were Schroders successful in its bid it is expected to look to syndicate the equity of Gazeley to a variety of investors with which it has existing relationships.
Morgan Stanley and CBRE are advising Brookfield.
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