It is a classic early stage in the sale process. PERE and sister publication Real Estate Capital revealed last month that real estate investment management giant Brookfield Property Partners was seeking a major refinancing of its logistics platform IDI Gazeley ahead of the potential sale of its European business.
To that end, the Toronto and New York-based firm hired investment bank Morgan Stanley to arrange the new debt package.
The bank has garnered something of a reputation for large-scale, European logistics property company refinancing after working on the reworking of €600 million of debt behind rival operator, P3 Logistics Parks.
P3’s refinancing preceded its sale by private equity firm TPG Capital and Canadian pension real estate firm Ivanhoé Cambridge to the Singaporean sovereign wealth fund, GIC Private.
That sale was valued at €2.4 billion, more than is expected for the sale of Gazeley’s European platform.