In a deal worth €2.4bn, Singapore’s sovereign fund, GIC, acquired P3 Logistic Parks in Spain from TPG Real Estate and Ivanhoe Cambridge. The parks, leased to a number of major transportation companies, are spread across the country with locations in Abrera, Pedrola, Valdemoro, Alovera and Fontanar. “We are delighted to have one of the most important sovereign funds in the world as our partner,” says Ian Worboys, CEO of P3. P3 operates 3.3 million sqm across Europe. After acquiring P3 three years ago, TPG has doubled in size, operating a network of 163 logistic centers in nine European countries.
