GLP has completed the acquisition of Gazeley. In conjunction with this transaction, GLP has established two new funds and increased the size of its fund management platform by $4 bn to $43 bn.
In October 2017, GLP announced its entry into Europe by acquiring Gazeley with the stated intention of injecting the $2.8 bn portfolio into its fund management platform. GLP says this transaction will provide it with one of the highest quality portfolios in Europe as well as an experienced local management team with a strong development track record. GLP intends to retain the existing management team and the Gazeley brand.
Steve Schutte, Chief Operating Officer of GLP, said: “Europe is a market we have been exploring for a while and this acquisition is the right fit for our business model at the right time. GLP’s strategy is to grow the fund management platform, while expanding our global footprint. We are committed to a long-term growth strategy in Europe and are excited to be further building on the Gazeley brand.”
Nick Cook, the current COO of Gazeley, will be stepping into the role of President & CEO of Gazeley, having been with the company for nearly 15 years. Pat McGillycuddy, the current CEO and one of the founding members of Gazeley, will become Non-Executive Chairman of Gazeley after 30 years of service.
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