Global property giant Brookfield takes control of Gazeley
INDUSTRIAL and distribution property developer Gazeley has been bought by Brookfield Property Partners for an undisclosed sum.
Brookfield and its institutional partners have bought Gazeley through a fund managed by an affiliate of Brookfield Asset Management from Economic Zones World (EZW), part of Dubai World.
Brookfield Property Partners will own an approximate 30% interest in Gazeley.
Gazeley is one of the best-known warehouse and distribution centre developers in the UK.
It has developed a number of high profile projects in the West Midlands including the massive 750,000 sq ft Amazon dispatch centre in Rugeley and the Blue Planet scheme at Chatterley Valley near Stoke-on-Trent, which is the UK’s first BREEAM ‘outstanding’ development.
Over the past 25 years, Gazeley has completed approximately 75m sq ft of warehouse space.
Its current portfolio includes 5.64m sq ft of existing assets and a substantial land bank of 14m sq ft, with a further 11.84m sq ft held under option agreements.
Brookfield says it will seek to build upon Gazeley’s extensive European footprint while capitalising on its experience and growing presence in the Middle East and China.
It also intends to transform Gazeley from a developer of logistics warehouses to a full-service logistics asset manager.
Pat McGillycuddy, chief executive officer of Gazeley, 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 officer 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.”
Toronto and New York-headquartered Brookfield Property Partners is a global commercial property player with around £118bn in assets. It holds a 22% interest in London’s Canary Wharf commercial district.
