On the wires: DSV drops to new low but sell-side unfazed. Deal coming?
Who should have said
It is a big deal. Asia’s warehouse operator, Global Logistic Properties (GLP) is buying Europe’s Gazeley for a hefty $2.8bn, adding to its already sizeable $42bn portfolio, centred in Asia and the Americas. Gazeley’s addition brings coverage in Europe too. The new portfolio is made up of 57% UK assets, 25% in Germany, 14% in France and 4% in the Netherlands. GLP is itself being acquired, for $11.8bn, by a Chinese private equity consortium backed by executives from GLP.