Pan-European Logistics Firm Trades to GIC

A P3 Logistics Park development in Prague. (Photo: Ivanhoe Cambridge)

PRAGUE—Sovereign wealth fund GIC Pte Ltd., already a major industrial landlord in the US through its stake in the former IndCor portfolio, has agreed to acquir  P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge. The transaction values the business at €2.4 billion (approximately US$2.65 billion) and is the largest European real estate transaction this year. It’s expected to close by the end of 2016.

“With the backing of TPG Real Estate and Ivanhoé Cambridge we have been able to significantly expand across our core territories, become a market leader, and create a clear differentiation as a customer-centric business,” says Ian Worboys, CEO of Prague-based P3. “We are excited to partner with one of the world’s largest sovereign funds in GIC, and we look forward to delivering the same success for our new shareholder. GIC’s long-term investment strategy is closely aligned to our own approach, as a long-term owner and developer of high quality assets.”