GIC completes P3 purchase
Singapore’s sovereign wealth fund GIC has completed its €2.4bn (£3.6bn) purchase of P3, as revealed by Estates Gazette.
TPG Real Estate and Ivanhoé Cambridge have sold the business in a deal that has now received regulatory EU approval.
As a result of the deal P3 said it was “ready to launch expansion plans that will include the development of an existing land bank representing up to 15m sq ft of projects, the acquisition of new sites in the nine European countries in which it is already represented, and our entrance into new markets”.
Singapore’s sovereign wealth fund GIC has completed its €2.4bn (£3.6bn) purchase of P3, as revealed by Estates Gazette.
TPG Real Estate and Ivanhoé Cambridge have sold the business in a deal that has now received regulatory EU approval.
As a result of the deal P3 said it was “ready to launch expansion plans that will include the development of an existing land bank representing up to 15m sq ft of projects, the acquisition of new sites in the nine European countries in which it is already represented, and our entrance into new markets”.
Ian Worboys, chief executive of P3, added: “We have become one of Europe’s largest fully integrated logistics investor-developers and will now be partnering with one of the world’s largest sovereign funds.
“GIC’s long-term investment strategy is aligned to our own approach and it has confirmed its support for us continuing as logistic property specialists with a customer service focus, a long-term logistics property owner (which has never sold a property) and a developer of quality, environmentally sustainable assets.”
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