GIC, Singapore’s sovereign wealth fund, has signed an agreement to acquire a pan-European logistics real estate portfolio (“Maximus”) from funds managed by affiliates of Apollo Global Management, Inc. ,a leading global alternative investment manager, for a net consideration of ~€950 million. This acquisition is in line with GIC’s strategy to scale up its fully-owned P3 logistics platform and reinforce P3’s position as a leading developer and manager of logistics properties in Europe.
Covering over 1,000,000 sqm of industrial space, the Maximus portfolio comprises 28 logistics assets which are well located in core logistics hubs across Europe such as Germany, Poland, Slovakia, Netherlands, Belgium and Austria. The portfolio will be managed by P3 and enable it to build up its foothold in Western Europe. The portfolio’s well-diversified tenant base includes companies in the automotive, e-mobility, distribution, e-commerce and last-mile logistics sectors, among others. The acquisition is expected to close during the first quarter of 2020, subject to customary closing conditions and any requisite regulatory approvals.
Source : Company