Brookfield buys G Park owner

GAZELEY, the warehouse and distribution park developer, has been bought by London property investor Brookfield.

Gazeley, which has the 45-acre G Park in Skelmersdale and until last month G Park Liverpool, has been sold by Economic Zones World (EZW), part of Dubai World, for an undisclosed sum.

Its portfolio includes 5.64 million sq ft of existing assets and a substantial land bank of 14 million sq ft with a further 11.84 million sq ft held under option agreements.

Brookfield said it would seek to build on Gazeley’s extensive European footprint while “capitalising on its experience and growing presence in the Middle East and China”.

Pat McGillycuddy, Gazeley’s chief executive, said: “Gazeley has enjoyed a strong and successful relationship with EZW since its acquisition in 2008. Gazeley and its management team are excited about beginning a new chapter under Brookfield’s ownership and believe that Brookfield will provide the support and expertise to transform Gazeley into a full service logistics asset manager.”

Ric Clark, Chief executive of the Brookfield Property Group, said: “We are pleased to have completed the acquisition of Gazeley, a high quality business with a great track record, strong management team and global footprint. With Brookfield’s financial resources we see great opportunities to grow the business both as an investor and a developer of logistics assets.”

Gazeley sold G Park Liverpool to an undisclosed buyer last month.