October 1, 2017 / 11:58 PM / a year ago

Global Logistic Properties expands into Europe with $2.8 bln acquisition

SINGAPORE, Oct 2 (Reuters) - Global Logistic Properties (GLP) said on Monday it has agreed to acquire Gazely, a leading European logistics platform, for about $2.8 billion, as part of its expansion into Europe.

GLP said in a statement the acquisition included properties across four countries and comprised 32 million square feet (3.0 million square metres) of total gross leasable area.

The acquisition portfolio was concentrated in Europe's key logistics markets, with 57 percent in the United Kingdom, 25 percent in Germany, 14 percent in France and the remainder in the Netherlands.

"We have been looking to expand to Europe and this portfolio presents an attractive entry point given the quality and location of the assets," Ming Mei, co-founder and CEO of GLP, said, adding that the purchase was part of the company's long-term strategy to expand its fund management business.

Earlier this year, a leading Chinese private equity consortium backed by senior executives from GLP won a bid to acquire GLP for S$16 billion ($11.8 billion), marking Asia's largest private equity buyout in a buoyant sector. Property developer China Vanke Co was part of the group.

In Monday's statement, the consortium said it supports GLP's entry into Europe and said it does not expect this to impact the timeline of the proposed privatization. ($1 = 1.3574 Singapore dollars) (Reporting by Anshuman Daga; Editing by Richard Pullin)

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