GIC expands P3 Logistic Parks platform through acquisition of 33 retail logistics assets in Germany

P3 Logistic Parks (P3), manager and developer of European warehouse properties which is wholly owned by GIC, Singapore’s sovereign wealth fund, has signed an agreement to acquire a German retail logistics real estate portfolio (“Matrix”).

Covering over 650,000 sqm of space, the Matrix portfolio comprises 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 is a long-term manager and developer of European warehouse properties with more than 6 million sqm of assets under management and land bank for further development. P3 has operations in 11 countries and has been investing and developing in European markets for more almost two decades. Headquartered in Prague, P3 employs more than 160 people across 9 offices in key European cities, offering integrated development, asset and property management services.