GIC buys real estate portfolio in Europe for $1.43b

It includes 28 assets in logistics hubs across Europe.

GIC has agreed to acquire a pan-European logistics real estate portfolio, Maximus for about $1.43b (€950m) in a bid to scale up its P3 logistics platform, according to a news release.

The portfolio was bought from funds managed by affiliates of alternative investment manager Apollo Global Management.

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

Its 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 Q1 2020. The portfolio will be managed by P3 Logistic Parks.