GIC’s Spanish unit P3 Logistics said to mull sale of assets worth $111m

Singapore’s sovereign wealth fund GIC, through its Spain-based subsidiary P3 Logistics, has reportedly hired real estate service firm JLL for a planned sale of its assets in the logistics park worth 100 million euros ($111 million).

The investment giant has evaluated the divestment for months and could kick off the process in January with the involvement of JLL, Spanish media house El Confidential reported.

JLL did not comment, while an email sent to GIC has not elicited responses at the time of publishing this article.

The assets at disposal accounted for nearly a third of the total value of P3 Logistics Parks, which listed on the Alternative Investment Market MAB in 2017, the report said.

GIC acquired P3 from TPG Real Estate and Ivanhoé Cambridge for 2.4 billion euros in 2016.

The Singapore investor was also said to pull out of much of its portfolio through P3 to focus on secondary assets.

Last month, GIC entered into an agreement to purchase Maximus, a pan-European logistics real estate portfolio from Apollo Global Management in a 950 million-euro deal, through P3.

Covering over 1 million sq m of industrial space, Maximus comprises 28 logistics assets located in core logistics hubs across Europe such as Germany, Poland, Slovakia, Netherlands, Belgium and Austria.

“As a long-term value investor, logistics continues to be an attractive sector for GIC. It is set to keep growing, supported by strong e-commerce growth, and we expect it to generate steady income streams in the long run,” Lee Kok Sun, CIO of GIC Real Estate, said in the acquisition announcement.

“Our P3 logistics platform in Europe is an important part of our global logistics portfolio, and this acquisition of high-quality, income-producing logistics assets across Europe is aligned with our strategy to efficiently scale up P3.”

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.