Singapore's GIC to buy logistics properties in Europe for US$1 billion

Singapore's GIC to buy logistics properties in Europe for US$1 billion

The logo for Singapore sovereign wealth fund GIC is seen on a building in Singapore
The logo for Singapore sovereign wealth fund GIC is seen on a building in Singapore. (File photo: Reuters/Darren Whiteside)

SINGAPORE: Singapore's sovereign wealth fund said it had signed a deal to buy a logistics real estate portfolio from funds managed by private-equity firm Apollo Global Management's affiliates for about €950 million (US$1 billion).

The portfolio comprises 28 logistics assets across Europe, including in Germany, Poland, Slovakia, Netherlands, Belgium and Austria, GIC said in a statement on Friday (Dec 13).

It said the deal would help scale up its P3 logistics platform. The firm bought P3 Logistic Parks three years ago. 

"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," said Lee Kok Sun, chief investment officer at GIC Real Estate. 

Source: Reuters/zl

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