GIC buys Euro­pean ware­house group

The Myanmar Times - - International Business -

SIN­GA­PORE sov­er­eign wealth fund GIC has bought a top Euro­pean ware­house de­vel­oper and man­ager for 2.4 bil­lion euros (US$2.7 bil­lion) in Europe’s big­gest real es­tate trans­ac­tion this year.

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.

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 in­nine coun­tries. The trans­ac­tion val­ues the busi­ness at 2.4 bil­lion euros and is the largest Euro­pean real es­tate trans­ac­tion this year.

Lee Kok Sun, chief in­vest­ment of­fi­cer at GIC Real Es­tate, said the pur­chase re­flected the com­pany’s con­fi­dence in the long-term po­ten­tial of the Euro­pean lo­gis­tics sec­tor.

The deal is sub­ject to reg­u­la­tory ap­proval and is ex­pected to close by the end of the year. For­merly known as the Govern­ment of Sin­ga­pore In­vest­ment Cor­po­ra­tion, GIC man­ages the citys­tate’s for­eign re­serves with a fo­cus on long-term per­for­mance.

It does not dis­close the ex­act value of its port­fo­lio, say­ing only that it has “well over US$100 bil­lion of as­sets” in more than 40 coun­tries, in­clud­ing real es­tate, equities and fixed-in­come in­vest­ments.

The Sov­er­eign Wealth Fund In­sti­tute says GIC has $350 bil­lion of as­sets un­der man­age­ment world­wide, mak­ing it the world’s eighth-largest.

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