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GIC has signed an agreement to acquire a pan-European logistics real estate portfolio, Maximus, for around 950 million euros (S$1.44 billion) from funds managed by affiliates of alternative investment manager Apollo Global Management.
This is in line with GIC's strategy to scale up its wholly-owned P3 logistics platform, Singapore's sovereign wealth fund announced on Friday.
Headquartered in Prague, P3 manages and develops European warehouse properties, and has operations in 13 countries. It has over 5.3 million square metres (sq m) of assets under management and land bank for further development.
The Maximus portfolio spans more than 1 million sq m of industrial space. It comprises 28 assets located in core logistics hubs such as Germany, Poland, Slovakia, Netherlands, Belgium and Austria. P3 will manage the portfolio.
Maximus has a diversified tenant base which includes companies in the automotive, e-mobility, distribution, e-commerce and last-mile logistics sectors.
Real estate related news stories from Singapore
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- GIC Forms $412M US Shopping Centre JV With NYSE-Listed RPT Realty
- JustCo boosts regional presence with new Singapore, Seoul co-working spaces
- Singapore home glut tied to official curbs, key developer says
- Keppel DC REIT to pay $56.6m for data centre master lessee's additional core M&E
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- Hong Kong property stocks battered by protests looking cheap
- Strong sales of China's construction equipment suggest construction boom
- Chinese city reverses decision to end curb on property sales after just 1 day
- Beijing has built thousands of cheap apartments no one wants
- AEW Launches Fourth APAC Value-Add Fund
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