Singapore’s GIC has added a portfolio of 33 German retail logistics assets to its European warehouse platform P3 Logistic Parks.
The sovereign wealth fund has invested an undisclosed sum to buy the 650,000sqm Matrix portfolio, which includes assets in urban locations in cities and towns, including Berlin, Dortmund, Nuremburg, Hamburg, Hanover, Cologne, Dresden and Leipzig.
Singapore’s GIC acquired P3 for €2.4bn in 2016 with a plan to scale up the platform. Late last year, GIC added the Maximus portfolio, a €950m pan-European logistics real estate portfolio of 28 assets it acquired from Apollo Global Management.
Lee Kok Sun, GIC real estate CIO, said: “This is an attractive opportunity to strengthen P3’s presence in strategic urban locations, scale up the P3 platform, and reinforce its position as a leading developer and manager of logistics properties in Europe.
“Logistics continues to be an area of focus for GIC, as we expect the sector to generate resilient long-term returns amidst the uncertain environment, supported by growing e-commerce demand.”
Otis Spencer, P3 Logistic Parks CIO, said: “This acquisition is one of the largest real estate investment deals in Europe this year, and one of the largest in Germany. It reflects our forward-looking strategy of making investments that will sustain our future growth and increase our market share in the pan-European market.
”With the support of our owner, GIC, we are actively looking for further investment deals to strengthen our position as one of Europe’s leading developers and managers of logistics properties.”
Soenke Kewitz, managing director Germany, P3 Logistic Parks, said: “P3 is currently focused heavily on expanding its business in Germany. In less than 12 months, we have doubled the size of our portfolio here.
”The Matrix portfolio is superbly located in prime, inner-city locations and showcases our forward-thinking approach.”
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