P3 Logistic Parks (P3), the European logistics specialist owned by Singapore’s sovereign wealth fund GIC, has signed an agreement to acquire the Matrix portfolio of German retail assets in the second major acquisition in the country over the past 12 months.
Covering over 650,000 m2 of space let to Metro, the Matrix portfolio comprises 33 retail logistics/wholesale assets in prime urban locations in major German cities and towns, including Berlin, Dortmund, Nuremburg, Hamburg, Hanover, Cologne, Dresden and Leipzig. The portfolio will be managed by P3.
The acquisition is expected to close during the fourth quarter of 2020. A P3 spokesperson said both the vendor as well as the deal volume are confidential. However, the seller is widely reported to be Aroundtown and the investment volume approximately €800 mln.
The deal comes within 12 months of the €950 mln acquisition of the Maximus portfolio comprising 28 assets across Europe from funds managed by Apollo Global Management.
Lee Kok Sun, Chief Investment Officer of Real Estate, GIC: ‘We are pleased to announce the acquisition of this sizeable portfolio of high-quality, well-located assets in Germany, Europe’s largest logistics market. 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, Chief Investment Officer, P3 Logistic Parks added: ‘Growth in eCommerce and the evolution of the retail supply chain are current drivers of the commercial real estate industry. We consider retail an important part of the supply chain and thus of the logistics sector. This acquisition is one of the largest real estateinvestment deals in Europe this year, and one of the largest in Germany. 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.’
