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NOVEMBER 7, 2016

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GIC acquires European logistics platform for €2.4b

by Andrea Waitrovich

GIC, Singapore’s sovereign wealth fund, has signed a definitive agreement to acquire P3, a European logistics platform, from TPG Real Estate and Ivanhoé Cambridge. The transaction values the business at €2.4 billion ($2.7 billion) and is the largest European real estate transaction so far this year.

The transaction is subject to regulatory approval and is expected to close by the end of 2016. TPG Real Estate and Ivanhoé Cambridge acquired P3 in 2013. The platform has since grown into one of Europe’s largest fully integrated logistics platforms and developers with a portfolio of more than 35 million square feet. Over the past three years, P3 has completed a series of add-on acquisitions in key European markets, more than doubling the size of the portfolio, which now includes 163 high-quality warehouses in 62 locations across nine countries.

GIC has been active in growing its European overseas exposure.

GIC, in partnership

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