GIC, Singapore’s sovereign wealth fund, has signed the deal to buy European logistic developer P3 for EUR 2.4 billion. Prague-based P3 owns the P3 Bucharest logistic park, the biggest in Romania.

The sellers are American investment fund TPG Real Estate and Canadian fund Ivanhoe Cambridge, which took control of P3 in 2013. In the past three years, P3 has grown into one of the biggest integrated logistic platforms in Europe, with 3.3 billion sqm of logistic space.

P3 more than doubled the surface of its properties in the last three years, mostly through acquisitions, and tripled the number of clients served. The group currently owns 163 warehouses in 62 locations in 9 countries. It has another 11 assets totaling 300,000 sqm under development.

In Romania, P3 owns the P3 Bucharest logistic park, with 11 warehouses totaling 305,000 sqm. The group bought the logistic park in early 2015 from Austrian group CA Immo.

The transaction, which is the year’s biggest real estate deal in Europe, should be completed by the end of this year. It is still subject to approvals from European regulators.

GIC is one of the world’s largest global investors, with well over USD100 billion of assets in more than 40 countries worldwide.

Czech developer P3 builds three warehouses in Romania

editor@romania-insider.com