The Wall Street Journal / November 7th, 2016
The Wall Street Journal reports: Singapore’s sovereign-wealth fund has agreed to pay €2.4 billion ($2.7 billion) for a portfolio of European warehouses, a sector that is thriving as investors bet on internet shopping.
GIC Pte. will buy P3 Logistic Parks, which owns and manages 163 warehouses in nine countries, from private-equity firm TPG Capital and Ivanhoé Cambridge, the property arm of Quebec’s state pension fund, the firms said in a joint statement issued on Monday.
With online shoppers expecting quick deliveries, industrial warehouses have become increasingly important to retailers. Real-estate investors have noticed.
The sale of P3 is one of the biggest real-estate deals in Europe this year. And while transactions involving industrial property fell in the U.K. and Germany in the first nine months of this year compared with the 2015 period, they remain above their long-term average, according to property-data firm Real Capital Analytics. Transactions rose in smaller economies such as the Netherlands, Italy and Norway.
View the full article in The Wall Street Journal: Warehouses Are Hot Property