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.”
TPG and Ivanhoé Cambridge acquired P3 in 2013. Since then, it has grown into one of Europe's largest fully integrated logistics platforms and developers with a pan-European portfolio of 3.3 million square meters (approximately 35.5 million square feet).
Under its current ownership, P3 has completed a series of add-on acquisitions in key European markets, more than doubling the size of the portfolio, which now includes 163 warehouses in 62 locations across nine countries. At the same time, the group has increased its customer base threefold.
Eastdil Secured acted as adviser to TPG Real Estate on the transaction.
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.”
TPG and Ivanhoé Cambridge acquired P3 in 2013. Since then, it has grown into one of Europe's largest fully integrated logistics platforms and developers with a pan-European portfolio of 3.3 million square meters (approximately 35.5 million square feet).
Under its current ownership, P3 has completed a series of add-on acquisitions in key European markets, more than doubling the size of the portfolio, which now includes 163 warehouses in 62 locations across nine countries. At the same time, the group has increased its customer base threefold.
Eastdil Secured acted as adviser to TPG Real Estate on the transaction.
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