CPP and BCI Expand Commitments to GLP Continental Europe Development Partners I
Posted on 06/22/2021
GLP moved for strategic expansion in size and scope of GLP Continental Europe Development Partners I (“GLP CDP I”). GLP and its partners Canada Pension Plan Investment Board (“CPP Investments”) through its wholly owned subsidiary, CPP Investment Board Europe S.à r.l., and QuadReal Property Group (“QuadReal”) have agreed to expand the investment capacity of GLP CDP I, targeting €4 billion of assets under management upon stabilization. Through this expansion, CPP Investments has committed €900 million of equity, representing a 45% share and QuadReal has committed €800 million of equity, representing a 40% share, with the remaining 15% held by GLP.
GLP CDP I was established in 2018 to develop modern logistics assets in Continental Europe including Germany, France, Italy, Spain and the Netherlands. The upsize will be used to transform GLP CDP I into a Pan-European development vehicle by strategically expanding in United Kingdom and Central and Eastern Europe markets via the acquisition of landbank and select high-quality logistics development opportunities.
CPP Investments sees the platform GLP CDP I as a key part of their development-led growth strategy in the logistics sector globally. CPP Investments have a strong conviction in the logistics and warehousing sector and the ability of GLP to execute on its strategy.
Since entering the European market in 2017, GLP has more than tripled its AUM. Following the upsize of GLP CDP I, GLP now manages more than €12 billion of AUM across Europe’s strongest logistics markets.
