• ITVI.USA
    14,128.230
    318.660
    2.3%
  • OTRI.USA
    21.970
    0.490
    2.3%
  • OTVI.USA
    14,109.280
    325.230
    2.4%
  • TLT.USA
    2.810
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    1.870
    -0.030
    -1.6%
  • TSTOPVRPM.ATLPHL
    2.290
    -0.190
    -7.7%
  • TSTOPVRPM.CHIATL
    2.760
    -0.310
    -10.1%
  • TSTOPVRPM.LAXDAL
    2.040
    -0.240
    -10.5%
  • TSTOPVRPM.LAXSEA
    2.630
    -0.090
    -3.3%
  • TSTOPVRPM.DALLAX
    1.320
    -0.050
    -3.6%
  • WAIT.USA
    127.000
    0.000
    0%
  • ITVI.USA
    14,128.230
    318.660
    2.3%
  • OTRI.USA
    21.970
    0.490
    2.3%
  • OTVI.USA
    14,109.280
    325.230
    2.4%
  • TLT.USA
    2.810
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    1.870
    -0.030
    -1.6%
  • TSTOPVRPM.ATLPHL
    2.290
    -0.190
    -7.7%
  • TSTOPVRPM.CHIATL
    2.760
    -0.310
    -10.1%
  • TSTOPVRPM.LAXDAL
    2.040
    -0.240
    -10.5%
  • TSTOPVRPM.LAXSEA
    2.630
    -0.090
    -3.3%
  • TSTOPVRPM.DALLAX
    1.320
    -0.050
    -3.6%
  • WAIT.USA
    127.000
    0.000
    0%
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GLP to acquire Gazeley in $2.8b deal

Industrial logistics real estate developer GLP’s acquisition of Gazeley is expected to be funded by approximately $1.6 billion of equity and $1.2 billion of long-term, low-cost debt.

   Industrial real estate developer Global Logistics Properties (GLP) has entered into a definitive agreement to acquire Gazeley for approximately $2.8 billion, GLP revealed Monday.
   Gazeley is a developer, owner and operator of logistics facilities in Europe, while Singapore-based GLP is the largest warehouse owner in Asia.
   GLP said the company plans to retain the existing management team and the Gazeley brand following the acquisition.
   The deal is expected to be funded by approximately $1.6 billion of equity and $1.2 billion of long-term, low-cost debt. GLP will fund its equity commitment with cash on hand, existing credit facilities and new indebtedness, and the company said it does not need to issue additional equity to fund the acquisition.
   The 3 million-square-meter acquisition portfolio is concentrated primarily in the United Kingdom (57 percent), Germany (25 percent), France (14 percent), and the Netherlands (4 percent). It consists of 1.6 million square meters of existing assets, which are 98 percent leased, and a development pipeline of 1.4 million square meters of buildable area. Overall, 85 percent of the development pipeline is focused in the United Kingdom, GLP said.