Business - - Nov 17,2016
GIC Pvt. Ltd., formerly known as Government of Singapore Investment Corporation will be buying a P3 Logistics Parks in a deal valued at S$3.7 billion. On Monday, Sovereign wealth fund established by the Singapore government announced that it has a signed a definitive contract to gain P3 from TPG Real Estate and its partner. The deal is matter of regulatory authorization and is expected to finish by the end of this year and the deal will be largest property arrangement in Europe so far in the year 2016.
The TPG Real Estate and its partner Ivanhoe Cambridge acquired the P3 Logistics in the year of 2013. During the last 3 years, P3 logistics has completed a chain of add-on acquisitions in top European market, added doubling up the size of the portfolio, it includes now 163 high-quality store rooms, in 62 places, across 9 countries. The TPG Real Estate and Ivanhoe Cambridge group has improved its client base threefold, establishing the solid and increasing demand for premium logistics capacity. In recent times P3 completed an S$2.15 million long standing refinancing with a group of prominent international financial Institutions, providing the trade with major extra flexibility to support its development scheme.
With the backing of its fresh bondholder, the corporations said in a combined announcement that P3 logistic is well-positioned to enter the next stage of its evolution with a land bank signifying up to 1.4 million rectangular meters of improvement potential. At this time, 11 new locations are under structure, with 300,000 square meters of permitted development planned by the end of the year 2016. The Chief Investment Officer at the GIC Real Estate Mr. Lee Kok Sun said that, the P3 logistics growth will carry on its given expanded, income- generating collection and its significant land bank.