GIC, Singapore’s sovereign wealth fund, has completed the purchase of P3, the pan-European owner, developer and manager of logistics properties, from TPG Real Estate and Ivanhoé Cambridge.
The deal, which values the business at €2.4 bn, was first announced in November 2016, but had to be approved by EU regulators before it could be finalised. It remains one of the largest European real estate transactions of 2016.
'We have expanded significantly across our core territories in recent years to become one of Europe’s largest fully integrated logistics investor-developers,' commented Ian Worboys, CEO of P3. 'We are all very excited to now be partnering with one of the world's largest sovereign funds and we look forward to moving forward into the next stage of our growth strategy.'
P3 agreed a €1.4 bn long-term refinancing package in October 2016, and now plans to bring forward the development of an existing land bank representing up to 1.4 million m2 of further development. Further site acquisitions in its nine current European markets, plus the entry into new territories, are also slated.
'GIC’s long-term investment strategy is closely aligned to our own approach and it has confirmed its support for us continuing as logistic property specialists with a strong customer service focus, a long-term logistics property owner (which has never sold a property) and a developer of the highest quality, environmentally sustainable assets,' Worboys concluded.
CBRE advised GIC.