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P3 to expand across Europe

Alex Hayes 13 December 2019

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

P3 to expand across Europe
One of the properties to change hand is a DHL centre in Wrocław

EUROPE GIC, Singapore’s sovereign wealth fund,has signed an agreement to acquire a pan-European logistics real estate portfolio from funds managed by Apollo Global Management, for around EUR 950 mln for its P3 Logistics Park platform.

With over 1,000,000 sqm of industrial space, the Maximus portfolio comprises 28 logistics assets in Germany, Poland, Slovakia, the Netherlands, Belgium and Austria. The portfolio will be managed by P3 and enable it to build up its foothold in Western Europe. The acquisition is expected to close during the first quarter of 2020, subject to customary closing conditions and any requisite regulatory approvals.

“As a long-term value investor, logistics continues to be an attractive sector for GIC. It is set to keep growing, supported by strong e-commerce growth, and we expect it to generate steady income streams in the long run. Our P3 logistics platform in Europe is an important part of our global logistics portfolio, and this acquisition of high-quality, income-producing logistics assets across Europe is aligned with our strategy to efficiently scale up P3, andeffectively strengthen its position as a leading developer and manager of logistics properties in the region,” Lee Kok Sun, the chief investment officer of GIC Real Estate.

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