GLP widens European presence with $1.1b Goodman logistics deal

Photo: GLP website

Singapore-based logistics provider GLP is acquiring the logistics real estate portfolio of Goodman Group in Central and Eastern Europe, further expanding its European presence to 10 countries.

Goldman Group confirmed in a separate announcement that it signed a deal to sell its Central and Eastern Europe assets for approximately €1 billion ($1.1 billion) to GLP.

If the acquisition is approved, GLP will take over Goodman’s 2.4 million square metre portfolio spread across Poland, the Czech Republic, Slovakia, and Hungary. GLP already has assets in the UK, Germany, France, Spain, Italy, Poland, and the Netherlands.

Goodman’s portfolio is concentrated on key logistics routes across the region with access to growing markets for e-commerce and distribution.

“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,” Goodman Continental Europe CEO Philippe Van der Beken said.

Goodman is one of the largest developers of industrial real estate in Europe and globally.

GLP, an investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies, entered Europe in December 2017 through the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks.

“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,” said Nick Cook, CEO at Gazeley.

In June, GLP sold its US logistics assets to global alternative assets giant Blackstone Group for a record $18.7 billion, including debt, in what was considered the biggest PE deal in the real estate sector.

GLP has more than $89 billion in assets under management across real estate and private equity segments. Its real estate fund platform is one of the largest in the world, spanning 785 million square feet.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.