GIC leads race to buy P3

Singaporean sovereign wealth fund GIC is the frontrunner to buy European logistics firm Point Park Properties. A deal will see GIC buy a portfolio of 163 assets valued at more than €2.5bn (£2.1bn) made up of 35.5m sq ft and a development pipeline totalling 15m sq ft. GIC is already a dominant player in the logistics market in Asia and the US through Singapore-listed Global Logistics Properties, in which it is the largest shareholder, and the acquisition of P3 marks a long-anticipated move into the sector in Europe.      It is understood that Canada Pension Plan Investment Board and Macquarie are the two other parties competing to make the acquisition. A final decision is expected late this week or early next week. A deal is expected to complete by the end of October. There are a multitude of other sovereign wealth funds and institutional investors that are eager to take on equity stakes that the ultimate purchaser may be willing to syndicate. A sale will see P3’s primary investors – Texas Pacific Group and Ivanhoe Cambridge – exit following three years of dramatic expansion. They bought the company following a failed IPO by its previous Bahraini owner Arcapita in 2012 when it had only around €760m of assets. The company is headquartered in Prague, led by chief executive Ian Worboys, and has assets in Bulgaria, the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania, Serbia, Slovakia and Spain.       • To send feedback, e-mail david.hatcher@estatesgazette.com or tweet @hatcherdavid or @estatesgazette