GLP’s €2 Billion Partnership

Kirkland & Ellis LLP advised GLP, the leading global provider of modern logistics facilities and technology-led solutions, in establishing GLP Continental Europe Development Partners I (“GLP CDP I”).

GLP, the leading global provider of modern logistics facilities and technology-led solutions, will partner with QuadReal Property Group and Canada Pension Plan Investment Board, through its wholly-owned subsidiary, CPP Investment Board Europe S.a.r.l., to establish GLP Continental Europe Development Partners I. The partners1 are contributing €1 billion (US$1.1 billion2) in equity to GLP CDP I, which will focus on developing modern logistics facilities in Germany, France, Italy, Spain, Netherlands and Belgium. CPPIB will contribute €450 million (US$510 million) of equity to GLP CDP I.

GLP CDP I is expected to reach €2 billion (US$2.3 billion) of assets under management (AUM) when fully invested. GLP CDP I will help capture significant growth opportunities in Europe, given GLP’s first two European funds are fully allocated.

Gazeley is GLP’s Europe platform. Customer demand in Europe continues to grow, with Gazeley signing more than 351,000 sqm (3.8 million sq ft) of new leases since the start of the year to customers including Amazon, Kingfisher, Wayfair and Zeus Packaging. Gazeley has begun construction on over 550,000 sqm (5.9 million sq ft) of new developments in the period as well as replenished its development landbank. With the establishment of GLP CDP I, GLP will have three funds in Europe totalling more than €6 billion (US$7 billion) AUM when fully invested.

GLP has approximately US$60 billion of assets under management globally and continues to see strong interest from institutional investors across its real estate and private equity strategies given GLP’s operational excellence, innovative use of technology and strong risk management and capital allocation.

The Kirkland team was led by investment funds partners Ken Muller and Jonathan Tadd (Picture) and included, among others, tax partners Jonathan Kandel and Ian Ferreira, corporate partner Stuart Boyd, investment funds partner Chris Braunack, regulatory partners Lisa Cawley and Adam Skinner, antitrust partner Mike Robert-Smith, and associates Sophie Smith, Brad Hillson, Deidre Haugh, Rachel O’Neill and Aaron Hunt.

Involved fees earner: Stuart Boyd – Kirkland & Ellis; Christopher Braunack – Kirkland & Ellis; Lisa Cawley – Kirkland & Ellis; Ian Ferreira – Kirkland & Ellis; Deirdre Haugh – Kirkland & Ellis; Brad Hillson – Kirkland & Ellis; Aaron Hunt – Kirkland & Ellis; Jonathan Kandel – Kirkland & Ellis; Ken Muller – Kirkland & Ellis; Rachel O’Neill – Kirkland & Ellis; Mike Robert-Smith – Kirkland & Ellis; Adam Skinner – Kirkland & Ellis; Sophie Smith – Kirkland & Ellis; Jonathan Tadd – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: GLP Pte. Ltd.;