16:02 13 December 2019
GIC acquires pan-European logistics portfolio for €950 mln
Singapore’s sovereign wealth fund GIC, the owner of the P3 logistics platform, has signed an agreement for the acquisition of a pan-European logistics portfolio from funds managed by affiliates of Apollo Global Management. The value of the transaction, which is expected to be closed in the first quarter of next year, amounts to €950 million.
Called Maximus, the portfolio in question comprises 28 logistics assets covering a total of more than one million sqm of industrial space. The assets are located in Germany, Poland, Slovakia, the Netherlands, Belgium and Austria. They will be managed by P3, which will thus build up its foothold in Western Europe.
“As a long-term value investor, logistics continues to be an attractive sector for GIC. It is set to keep growing, supported by strong e-commerce growth, and we expect it to generate steady income streams in the long run,” said Lee Kok Sun, the chief investment officer at GIC Real Estate.
“Our P3 logistics platform in Europe is an important part of our global logistics portfolio, and this acquisition of high-quality, income-producing logistics assets across Europe is aligned with our strategy to efficiently scale up P3, and effectively strengthen its position as a leading developer and manager of logistics properties in the region,” he added.
