GIC, Singapore’s sovereign wealth fund, has completed the purchase of P3, one of the main pan-European owners, developers and managers of logistics properties, from TPG Real Estate and Ivanhoé Cambridge for a total of EUR 2.4 billion, the company has announced.
The P3 property portfolio also includes the P3 Bucharest logistics park in Romania, the former Europolis Park Bucharest, which was taken over from Immobilien Anlagen AG in early 2015. The park, which is the biggest in Romania, now has 11 buildings and covers some 305,000 sqm.
All in all, P3’s asset base comprises 163 warehouses with an average age of 8.4 years totaling 3.3 million sqm across nine countries and a land bank with zoning for 1.4 million sqm of further development, according to company data.
The company has also announced that with the support of its new shareholder and a EUR 1.4 billion long-term refinancing package agreed in October 2016, “P3 is ready to launch new expansion plans which will include bringing forward the development of an existing land bank representing up to 1.4 million sqm of further development as well as acquiring new sites in the nine European countries in which it is already represented as well as entering new markets,” reads the company’s press release.
The deal was first announced in November 2016, but had to be approved by EU regulators before it could be finalized, according to company data.