Sin­gapore’s GIC buys Euro­pean lo­gis­tics firm

The Sun (Malaysia) - - SUNBIZ -

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

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