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Arendt & Medernach is advising GLP on the setting up of their investment structure in Luxembourg and has advised GLP in connection with Luxembourg law aspects related to the acquisition of Gazeley from Brookfield Asset Management.
GLP entered into the European Market by acquiring Gazeley, a premier developer, owner and operator of modern logistics facilities in Europe. Gazeley’s 3 million square meters (‘sqm’) (32 million square feet – ‘sq ft’) portfolio (including full build-out of development portfolio) is concentrated in the strategic logistics markets of the UK, Germany, France and the Netherlands.
GLP established two new funds in Luxembourg. The first fund, GLP Europe Income Partners I SCSp (‘GLP EIP I’), comprises a US$2.0 billion (€1.7 billion) portfolio of Gazeley’s operating assets. The second, GLP Europe Development Partners I SCSp (‘GLP EDP I’), is a development venture expected to reach US$2.0 billion (€1.7 billion) when fully leveraged and invested. GLP EDP I is seeded with land to support 16 million sq ft (1.4 million sqm) of buildable area.