GIC completes €2.4 bln acquisition of P3

Having received the go-ahead from EU regulators, Singapore's sovereign wealth fund GIC has finalized its acquisition of logistics space developer P3 from TPG Real Estate and Ivanhoé Cambridge. The transaction, first announced in November last year and valued at €2.4 billion, is one of the largest real estate deals to have been signed in Europe in 2016. The support of the new shareholder, along with the €1.4 billion long-term refinancing package that P3 agreed in October last year, are expected to help the company launch new expansion plans, both in the nine European countries (including Poland) in which it is already present and in new markets. “We have expanded significantly across our core territories in recent years to become one of Europe’s largest fully integrated logistics investor-developers. We are all very excited to now be partnering with one of the world's largest sovereign funds and we look forward to moving forward into the next stage of our growth strategy,” said Ian Worboys, the CEO of P3.