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)
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