GIC completes £2.1bn P3 buy

Singapore’s sovereign wealth fund GIC has bought P3 Logistics for €2.4bn (£2.1bn) – the largest European real estate transaction this year. The deal, previously tipped by Estates Gazette, sees GIC acquire 163 assets made up of 35.5m sq ft and a development pipeline totalling 15m sq ft.  From September: GIC leads race to buy P3  The transaction is subject to regulatory approval and is expected to close by the end of 2016. TPG Real Estate and Ivanhoé Cambridge acquired P3 in 2013. The group has since grown into one of Europe’s largest fully integrated logistics platforms.  Over the past three years, P3 has more than doubled the size of the portfolio, which now includes 163 sheds, in 62 locations, across nine countries. There are currently 11 new sites under construction, with 3.2m sq ft of approved development scheduled by the end of the year. The group has also increased its customer base threefold, demonstrating the strong and growing demand for premium logistics space. P3 recently completed a €1.4bn (£1.3bn) long-term refinancing led by Morgan Stanley. From October: P3 completes £1.4bn refi  Lee Kok Sun, chief investment officer at GIC Real Estate, said: “We believe P3’s strong growth will continue given its diversified, income-producing portfolio and substantial land bank. We are confident of the long-term potential of the European logistics sector, and look forward to expanding this attractive platform with the very capable P3 management team. GIC’s extensive experience in investing in logistics globally also allows us to add value to this partnership.” Eastdil Secured advised TPG Real Estate. CBRE advised GIC.  • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette