GIC Expands P3 Logistic Parks Platform with 33 Retail Logistics Assets in Germany
Posted on 10/29/2020
Prague-based P3 Logistic Parks (P3) is a manager and developer of European warehouse properties which is wholly owned by GIC Private Limited. P3 Logistic Park signed an agreement to acquire a German retail logistics real estate portfolio called “Matrix”. The Matrix portfolio comprises of over 650,000 square meters of space and is made up of 33 retail logistics 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, subject to customary closing conditions and any requisite regulatory approvals. This comes within 12 months of the acquisition of the Maximus portfolio comprising 28 assets located in core logistics hubs across Europe. P3 acquired the Maximum portfolio, 1 million square meter pan-European portfolio, from funds managed by affiliates of Apollo Global Management, Inc. in a deal that valued the transaction was approximately €950 million.
P3 is currently focused heavily on expanding its business in Germany. In less than 12 months, P3 doubled the size of its portfolio in Germany.
In 2016, GIC bought P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge, part of CDPQ.