GIC to buy European logistics portfolio for 950m euros | / Property news / GIC to buy European logistics portfolio for 950m euros

GIC to buy European logistics portfolio for 950m euros

Fresh property news selection on December 13. 2019, Friday.

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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.

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