PL

CEE REGION Goodman says goodbye to CEE portfolio

Investment & finance
Goodman European Partnership (GEP) has completed the sale of 26 logistics properties in Poland, Slovakia, Czech Republic and Hungary to GLP for around EUR 1 bln.

The portfolio, which is located in Poland, Hungary, the Czech Republic and Slovakia, has a total area of around 2.4 mln sqm. Its acquisition doubles the total area of logistics space owned by GLP in Europe.

As a result of the transaction, which was originally announced in March, GEP will be distributing EUR 200 mln of the proceeds to its shareholders. The transaction was subject to customary regulatory approvals and unconditional clearance was granted by the Polish competition authority UOKiK in May.

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. We will continue to focus on owning high-quality properties and building out our significant development pipeline in these markets, where barriers to entry are high and land is scarce.
Philippe Van der Beken, the CEO of Goodman Continental Europe

Cushman & Wakefield served as advisors to GLP, while Goldman Sachs and Citi financed the acquisition. Greenberg Traurig advised GLP on the Polish legal aspects of the deal and Kinsteller advised the company for the Czech, Slovak and Hungarian aspects. Kirkland & Ellis provided legal advice to GLP. Allen & Overy provided legal advice to Goodman.


GLP is a Singapore-based real estate company that entered the European warehousing market with the acquisition of Gazeley and its 2.4 mln sqm portfolio in December 2017. Gazeley will now be rebranded as GLP Europe and Goodman’s 40-strong team in the region will be joining it.


Since entering the market in 2017, GLP has strategically expanded its presence across Europe to meet investor demand and support its disciplined pan-European growth strategy. We believe attractive macroeconomics, urbanisation, e-commerce growth and proximity to major distribution hubs across Europe are helping to drive Central and Eastern Europe’s logistics real estate market.
Nick Cook, the CEO of GLP Europe

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