New York-listed real estate manager Brookfield Property Partners has acquired UK-based logistics developer Gazeley.
New York-listed real estate manager Brookfield Property Partners has acquired UK-based logistics developer Gazeley.
The purchase was made through a fund managed by an affiliate of parent group Brookfield Asset Management. Brookfield Property Partners will retain a 30% interest in Gazeley.
The vendor was Economic Zones World (EZW), a subsidiary of Dubai World. No purchase price was disclosed.
Dubai World paid a reported £400 mln to acquire Gazeley from US retail giant Walmart in 2008.
Gazeley’s portfolio of large-scale logistics warehouses and distribution centres currently totals 524,000 m2 of lettable space. The company also holds a substantial land bank of 1.3 million m2 with a further 1.1 million m2 held under option agreements.
In a statement Brookfield Property Partners said it would ‘seek to build upon Gazeley’s extensive European footprint while capitalising on its experience and growing presence in the Middle East and China’.
