GIC pays Apollo €950m for 28 distribution facilities in Europe

© Jingaiping warehouse

© Jingaiping

By Alex Lennane

16/12/2019

In what must surely be one of the last deals of 2019, Singapore sovereign wealth fund GIC has acquired 28 distribution facilities from Apollo Global Management.

The Maximus portfolio, costing some €950m, covers more than a million sq metres of industrial space across Europe and GIC said it would integrate it into its existing European warehouse arm, P3 Logistics Parks.

The deal with Apollo – a former shareholder in Ceva Logistics – will close in the first quarter of 2020, according to Mingtiadi. It is the largest real estate deal made in Germany this year, and one of the largest in Europe.

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