{"id":1004158490,"date":"2016-11-08T00:40:25","date_gmt":"2016-11-08T08:40:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158490"},"modified":"2020-05-18T04:16:29","modified_gmt":"2020-05-18T12:16:29","slug":"tpg-ivanhoe-cambridge-sell-european-logistics-park-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tpg-ivanhoe-cambridge-sell-european-logistics-park-owner\/","title":{"rendered":"TPG, Ivanho\u00e9 Cambridge Sell European Logistics Park Owner"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"P3<\/a>

P3 Logistics industrial facility in Bratislava, Slovakia<\/p><\/div>\n

Prague<\/strong>\u2014GIC<\/a>, Singapore\u2019s sovereign wealth fund, has agreed to purchase P3 Logistic Parks<\/a>, a major European owner, developer and manager of logistics properties, from TPG Real Estate<\/a> and its partner, Ivanho\u00e9 Cambridge<\/a>, the parties announced jointly on Monday.<\/p>\n

The transaction values P3 at \u20ac2.4 billion ($2.7 billion) and reportedly is the largest European real estate transaction this year. Pending regulatory approval, the transaction is expected to close by the end of this year.<\/p>\n

TPG Real Estate and Ivanho\u00e9 Cambridge had acquired P3, then known as PointPark Properties, in 2013.<\/p>\n

Since then, P3 has grown into one of Europe\u2019s largest fully integrated logistics platforms and developers with a 3.3 million-square-meter (35.5 million-square-foot) portfolio. Over the last three years, the company has completed a series of acquisitions that more than doubled the size of the portfolio, which now includes 163 warehouses, in 62 locations, across nine countries.<\/p>\n

Further, it has a land bank representing up to 1.4 million square meters (15 million square feet) of potential development. Currently, 11 sites are under construction, with 300,000 square meters (3.2 million square feet) of approved development scheduled by the end of the year.<\/p>\n

\u201cGIC\u2019s long-term investment strategy is closely aligned to our own approach, as a long-term owner and developer of high-quality assets,\u201d P3 CEO Ian Worboys said in a prepared statement.<\/p>\n

\u201cWe believe P3\u2019s strong growth will continue given its diversified, income-producing portfolio and substantial land bank,\u201d added Lee Kok Sun, Chief Investment Officer at GIC Real Estate. \u201cWe are confident of the long-term potential of the European logistics sector\u2026.\u201d<\/p>\n

Eastdil Secured<\/a> acted as adviser to TPG Real Estate on the transaction.<\/p>\n

In early October, P3 completed a \u20ac1.4 billion ($1.6 billion) long-term refinancing arranged with multiple international financial institutions.<\/p>\n

The facilities are located in:<\/p>\n