GIC, the Singapore sovereign wealth fund, has completed its acquisition of P3 from TPG Real Estate and Ivanhoe Cambridge. The agreement, which assesses the company at €2.4bn, was first announced in November. It was one of the largest transactions on the European real estate market in 2016.
With the support of its new shareholder and long-term €1.4bn refinancing package, P3 is ready to implement new expansion plans, including the further development of its existing land portfolio, consisting of more than 1.4 million sqm of logistics space, as well as the acquisition of new land in the nine European countries where it is already present.
“In recent years we have significantly expanded outside our main markets to become one of the largest and fully integrated developers and investors on the market for logistics space. We are all very excited now to partner with one of the largest sovereign wealth funds and we want to move as quickly to the next phase of our growth strategy,” said Ian Worboys, CEO of P3.
