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.