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

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. Lee Kok Sun, Chief Investment Officer of Real Estate, GIC: “We are pleased to announce the acquisition of this sizeable portfolio of high-quality, well-located assets in Germany, Europe’s largest logistics market. This is an attractive opportunity to strengthen P3’s presence in strategic urban locations, scale up the P3 platform, and reinforce its position as a leading developer and manager of logistics properties in Europe. Logistics continues to be an area of focus for GIC, as we expect the sector to generate resilient long-term returns amidst the uncertain environment, supported by growing e-commerce demand.” Otis Spencer, Chief Investment Officer, P3 Logistic Parks: “Growth in eCommerce and the evolution of the retail supply chain are current drivers of the commercial real estate industry. We consider retail an important part of the supply chain and thus of the logistics sector. This acquisition is one of the largest real estate investment deals in Europe this year, and one of the largest in Germany. It reflects our forwardlooking strategy of making investments that will sustain our future growth and increase our market share in the pan-European market. With the support of our owner, GIC, we are actively looking for further investment deals to strengthen our position as one of Europe’s leading developers and managers of logistics properties.” Soenke Kewitz, Managing Director Germany, P3 Logistic Parks: “ P3 is currently focused heavily on expanding its business in Germany. In less than 12 months, we have doubled the size of our portfolio here. The Matrix portfolio is superbly located in prime, inner-city locations and showcases our forward-thinking approach. In our two German branches we have the necessary know-how and the appropriate resources to optimally manage and develop the new assets.“