Bill Benjamin and Julie Solomon, co-heads of Ares Real Estate, emphasized the strategic importance of the transaction: “We have great respect for the business that the GCP International leadership team has built, and we believe that there are attractive strategic synergies between our firms. Combining our platforms will further enhance our strong position in the industry and bolster Ares as a global market leader in real estate with vertically integrated capabilities. We are excited for the opportunities that we can pursue together with our expanded product suite, like-minded cultures and our ability to invest in assets that facilitate the new economy."

Michael Steele, President of GCP International, along with leaders responsible for operations in Brazil, the US, Europe, Japan, and Vietnam, will join Ares after the transaction’s expected close in the first half of 2025.

GLP, which manages USD 44 billion in assets according to the announcement, operates in established markets like the US, Japan, and Europe, as well as emerging markets such as Brazil and Vietnam. Its key investments focus on logistics, digital infrastructure, and self-storage sectors. 

In September, Ares announced it would acquire Walton Street Capital in Mexico. According to SiiLA, Walton and its subsidiaries own over 2 million m² of industrial properties.

As of this article’s publication, GLP had not commented on the acquisition.

GLP oversees 2.3 million m² of completed Class A+, A, and B assets in Brazil, as tracked by the Market Analytics platform. Key projects include GLP Guarulhos I and II, both with zero vacancy, as well as GLP Imigrantes and GLP Bandeirantes. Recently, the company announced a BRL 2.1 billion investment in new industrial properties in Brazil from 2024 to 2026.

SiiLA’s analysis indicates that GLP’s primary tenant in Brazil is Mercado Livre, with operations in facilities such as GLP Guarulhos II and GLP Cajamar. Another notable client is Shein, which also occupies space in GLP Guarulhos II.