GIC, Melcombe Partners JV to acquire and develop urban logistics assets in Europe

GIC, Singapore’s sovereign wealth fund, and Melcombe Partners, a European urban logistics investment manager, have agreed to enter into a joint venture to acquire and develop urban logistics properties in Europe.

The venture will acquire and develop last-mile distribution centers and urban logistics assets well-located in Europe’s main gateway cities, with a focus on the United Kingdom, France, Germany, Spain and the Netherlands. Melcombe will source, operate and manage the assets.

Ludovic Bernard, partner, Melcombe Partners, said: “We are excited to announce the formation of this venture with a world-class investment fund like GIC. This will allow the venture to unlock the full potential of the fragmented European urban logistics markets and capture the sustained growth of the sector underpinned by spiking ecommerce activity, tightening supply of logistics space in large European cities, restrictive land planning rules and increased focus on global supply chain