CalEast, Segro and DP World thought to be among six bidders

an impressive list of bidders are queuing up to buy Gazeley for £400m, despite global financial downturn deterring several big-name property companies.

Segro, DP World, CB Richard Ellis Investors, LaSalle Investment Management, CalEast and Legal & General are all thought to be poised to make bids.

The high proportion of funds and overseas money on the list is likely to be a result of a lack of available debt in the market for property companies eying Gazeley.

Overlaps with some rivals’ portfolios, particularly in Europe, are also thought to have deterred some of the property companies.

Integrating the management team, led by Pat McGillycuddy and Nick Redwood in the UK and widely considered to be one of Gazeley’s key strengths, is also an issue for companies that have that expertise already in place.

At this stage, AMB, Goodman and Panattoni are all unlikely to submit bids by 29 April. ProLogis, the world’s largest industrial developer, is not in the frame.

Property Week understands that this is because Wal-Mart, Gazeley’s current owner, is not interested in selling to the company.

Concerns have also emerged this week over Gazeley’s £400m price tag. It has been suggested that it could drop significantly to complete the transaction.

However, Wal-Mart maintains that it will only sell if it gets the right bidder at the right price.

Several bidders could either join forces or not progress following due diligence and interview processes, which are taking place over the next two weeks.

Bidders are being led through what the deal would entail, examining the land and developments Gazeley owns, its joint ventures, its management team and its development agreements.

Among Gazeley’s key assets is the 200 acre Magna Park Milton Keynes, held jointly with Land Securities in the UK, as well as its rapidly expanding businesses in China, Mexico and India. It plans to develop 5m sq ft in China over the next few years.

Gazeley’s arrangement to provide Asda’s distribution space in the UK, and Wal-Mart’s globally, will also continue and is thought to be a key issue for bidders.

UBS is advising Wal-Mart. CB Richard Ellis, M3 and Savills, and at least one bank are advising.

All parties declined to comment.