News / European warehouse developer P3 sold to Singapore sovereign wealth fund for €2.4bn

Singapore’s sovereign wealth fund, GIC, is set to significantly expand its European footprint with the purchase of Czech-based warehouse developer P3 for €2.4bn.

TPG Real Estate and Ivanhoe Cambridge-owned P3 has spent the past three years in acquisition mode itself, more than doubling its portfolio, which now includes 163 warehouses in 62 locations across nine countries in Europe.

Controlling some 3.3m sq metres of warehousing, a client list including DHL, Yusen Logistics and a host of growing e-commerce fulfilment operators, it also has 300,000sq metres under development at 11 ...