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SINGAPORE's sovereign wealth fund GIC has acquired P3 Logistic Parks, a leading specialist pan-European owner, developer and manager of logistics properties, for 2.4 billion euros (S$3.7 billion), making it the largest European real estate transaction this year.
GIC has signed a definitive agreement to acquire P3 from TPG Real Estate and its partner Ivanhoé Cambridge.
TPG Real Estate and Ivanhoé Cambridge acquired P3 in 2013, following which the group has grown into one of Europe's largest fully integrated logistics platforms and developers with a 3.3 million square metre portfolio. Over the last 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.
P3 recently completed a 1.4 billion euro long-term refinancing with a group of leading international financial institutions, providing the business with significant additional flexibility to support its growth strategy.
With the support of its new shareholder, the companies said in a joint statement that P3 is well-placed to enter the next phase of its growth with a land bank representing up to 1.4 million square metres of development potential. Currently, 11 new sites are under construction, with 300,000 square metres of approved development scheduled by the end of the year.
The transaction is subject to regulatory approval and is expected to close by the end of 2016.
Eastdil Secured acted as adviser to TPG Real Estate on the transaction.