GIC pays €950m logistics portfolio

GIC, Singapore’s sovereign wealth fund, has signed an agreement to acquire a pan-European logistics real estate portfolio known as Maximus from funds managed by affiliates of Apollo Global Management for a net consideration of €950 million ($1.06 million). 

The acquisition is in line with GIC’s strategy to scale up its fully owned P3 logistics platform and reinforce P3’s position as a leading developer and manager of logistics properties in Europe. Covering more than 1 million square meters (11 million square feet) of industrial space, the Maximus portfolio comprises 28 logistics assets which are well-located in core logistics hubs across Europe such as Germany, Poland, Slovakia, Netherlands, Belgium and Austria. The portfolio will be managed by P3 and enable it to build up its foothold in Western Europe. The portfolio’s well-diversified tenant base includes companies in the automotive, e-mobility, dist