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GIC to buy P3 Logistic Parks for EUR2.4bn

LBR Staff Writer Published 08 November 2016

Singapore’s sovereign wealth fund GIC has agreed to acquire P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge for €2.4bn.

In 2013, TPG Real Estate and Ivanhoé Cambridge acquired P3, a pan-European owner, developer and manager of logistics properties.

With around 3.3 million m² of space, P3 has around 163 warehouses in 62 locations across nine countries in Europe.

Recently, P3 completed a €1.4bn long-term refinancing with a group of international financial institutions to expand its business operations.

The company is currently developing 11 new sites, with 300,000 m² of approved development scheduled by the end of this year.

Subject to regulatory approval, the deal is expected to complete by the end of this year.

P3 Logistic Parks CEO Ian Worboys said: “With the backing of TPG Real Estate and Ivanhoé Cambridge we have been able to significantly expand across our core territories, become a market leader, and create a clear differentiation as a customer-centric business.

“We are excited to partner with one of the world's largest sovereign funds in GIC, and we look forward to delivering the same success for our new shareholder.”

GIC Real Estate chief investment officer Lee Kok Sun said: “We believe P3’s strong growth will continue given its diversified, income-producing portfolio and substantial land bank.”

In July, GIC invested in a real estate fund which acquired the Hyundai Logistics Distribution Center in South Korea, for $130m from the asset's developer LogisKoel.

ADF Asset Management, which is specialised in South Korea’s logistics sector, manages the real estate fund.

Image: GIC to acquire P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge. Photo: courtesy of PointPark Properties.