Singapore’s GIC buys European logistics firm
SINGAPORE: Singapore sovereign wealth fund GIC has bought a top European warehouse developer and manager for 2.4 billion (RM11.3 billion) in Europe’s biggest real estate transaction this year, a joint statement said yesterday.
GIC, one of the world’s top 10 state investment funds, bought P3 Logistic Parks from US-based TPG Real Estate and Canada’s Ivanhoe Cambridge, said the statement issued by the four companies.
P3 Logistics, based in the Czech Republic, was described in the statement as “one of Europe’s largest fully integrated logistics platforms and developers”. It develops, owns and manages 163 “high-quality” warehouses across nine countries on the continent.
“The transaction values the business at 2.4 billion and is the largest European real estate transaction this year,” the statement said.
The deal is subject to regulatory approval and is expected to close by the end of the year, the statement said. – AFP