GIC, Melcombe to develop European urban logistics properties

They will advance last-mile distribution centres.

Sovereign wealth fund GIC and Melcombe have partnered to acquire and develop urban logistics properties in Europe, a statement read.

They will advance last-mile distribution centres and urban logistics assets in Europe’s main gateway cities, with a focus on the UK, France, Germany, Spain and the Netherlands.

“This venture reflects GIC’s continued confidence in the long-term potential of the logistics sector. The urban logistics sub-market will benefit from positive fundamentals, reinforced by increasing occupier demand due to accelerating e-commerce adoption and changing supply chain management strategies,” said Lee Kok Sun, chief investment officer of real estate at GIC.