GIC acquires P3 for €2.4 bln

In what is one of the largest real estate transactions to have been signed in Europe so far this year, Singapore’s GIC has acquired logistics space developer and owner P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge for €2.4 billion. The transaction yet has to be approved by regulatory bodies and is expected to be finalized by the end of this year. TPG and Ivanhoé bought P3 in 2013, with the developer having more than doubled the size of its portfolio since then. The company currently has a total of 163 warehouse assets in 62 locations across nine countries. Eleven new sites are now under construction, with a combined 300,000 sqm of space scheduled for completion by the end of 2016.

In Poland, P3 holds a total of more than 520,000 sqm of existing logistics assets in four locations. “We believe P3’s strong growth will continue given its diversified, income-producing portfolio and substantial land bank. We are confident of the long-term potential of the European logistics sector, and look forward to expanding this attractive platform with the very capable P3 management team. GIC’s extensive experience in investing in logistics globally also allows us to add value to this partnership,” commented Lee Kok Sun, the chief investment officer at GIC Real Estate.

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