GIC Expands P3 Logistic Parks’ German Portfolio with Acquisition

P3 Logistic Parks, a long-term owner and developer of European logistics properties and owned by GIC, Singapore’s sovereign wealth fund, is acquiring a substantial portfolio (‘Matrix’) of German retail logistics properties. A total of 33 retail logistics locations in Germany will be acquired.

(Frankfurt am Main) – With an area of over 650,000 square meters, the Matrix portfolio includes 33 retail logistics properties at prime locations in most major German cities, including Berlin, Dortmund, Nuremberg, Hamburg, Hanover, Cologne, Dresden, and Leipzig. The portfolio will be fully managed by P3. The acquisition is expected to be completed in the fourth quarter of 2020, subject to the usual closing conditions and required regulatory approvals.Acquisitions within twelve monthsThis acquisition comes just twelve months after the acquisition of the Maximus portfolio, which included 28 properties in key logistics centers across Europe.Lee Kok Sun, Chief Investment Officer Real Estate, GIC:“We are pleased to acquire this extensive portfolio of high-quality, well-located assets in Europe’s largest logistics market. This move strengthens P3’s presence in strategically significant urban locations, further expands the P3 platform, and solidifies the company’s position as a leading developer and manager of logistics properties in Europe. The logistics market remains an important business area for GIC. We expect the sector – supported by growing demand in online retail – to withstand the uncertain economic climate and generate solid returns in the long term.”

Sönke Kewitz, Managing Director P3 Logistic Parks Germany:

“P3 is currently focusing heavily on expanding its business in Germany. In less than twelve months, we have doubled our German portfolio. The Matrix portfolio is excellently located at prime, urban sites and demonstrates our forward-looking approach. In our two German branches, we have the necessary expertise and resources to optimally manage and further develop the new assets.”

About GIC

GIC is a leading global investment firm established in 1981 with the aim of managing Singapore’s foreign reserves and securing the financial future of the state. As a long-term investor, GIC is well-positioned for investments across a variety of asset classes, including real estate, private equity, equities, and bonds. GIC invests in over 40 countries, including emerging markets for more than two decades. GIC is headquartered in Singapore and employs over 1,700 staff in 10 offices in major financial cities around the world.

About P3

P3 is a long-term owner and developer of European logistics properties with more than 6 million square meters of lettable space and a substantial land bank for further developments. For 20 years, the company has been investing in European markets and is now active in twelve countries. Headquartered in Prague, P3 employs more than 160 staff in nine offices in key European cities and supports clients from various industries from site selection to permitting, procurement, and construction of logistics properties to property management. P3 is wholly owned by GIC (Government of Singapore Investment Corporation). For more information about P3, visit www.p3parks.com
Approximately 90 kilometers of rail infrastructure is available.www.p3parks.com  www.gic.com.sg
Image: P3 Logistic Parks Group