Logistics And Frieght Forwarding

GIC to acquire European logistics firm P3 for $2.7 billion

SINGAPORE Singapore sovereign wealth fund GIC has agreed to acquire European logistics property company P3 Logistic Parks for 2.4 billion euros (£2.7 billion/2.16 billion pounds), in what it said would be the largest European real estate transaction this year.

GIC is acquiring P3 from TPG Real Estate and its partner Ivanhoe Cambridge in a deal that is expected to close by the end of the year.

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

“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.”

The Singapore fund has been aggressively buying property in advanced markets since the 2008 financial crisis to take advantage of depressed values.

(Reporting by Anshuman Daga; Editing by Edwina Gibbs)

Next In Business News

China pledges further opening as leaders scramble for free trade

LIMA Chinese President Xi Jinping pledged to open the economy further on Saturday as leaders of Asia-Pacific countries sought new free-trade options following Donald Trump’s election to U.S. president on promises to scrap or renegotiate trade deals.

Asian export nations wary dollar boost gives Trump pretext to beat them

TOKYO/SEOUL Asian currency policymakers are worried that the strengthening of the dollar on expectations of U.S.

President-elect Donald Trump’s fiscal policies could be used by his administration as a stick to beat them with on trade protectionist grounds.

Credit Suisse moves towards Swiss bank spin-off

ZURICH Credit Suisse has moved more than 1 million customers into a new Swiss bank which goes live on Sunday, a step towards what could be Switzerland’s biggest stock market listing in more than a decade.

Leave a Reply

Your email address will not be published. Required fields are marked *