Tuesday, 8 November 2016

GIC acquires P3 from TPG Real Estate and Ivanhoe Cambridge, yippee!

Yeah, for €2.4 billion. Nice one! / Yes, dear reader(s), it's the Tuesday morning PR email, back by popular demand. You see, I got quite a few of them yesterday, so why not? It saves me looking around for news, you dig? 'That's all right, boss. You don't need to explain.' Well, thanks for your support, Voice. I really appreciate it.

Prague, Czech Republic, 07 November, 2016 - P3 Logistic Parks ("P3" or the "Group"), a leading specialist pan-European owner, developer and manager of logistics properties, announced today that GIC, Singapore's sovereign wealth fund, has signed a definitive agreement to acquire P3 from TPG Real Estate and its partner Ivanhoe Cambridge. The transaction values the business at €2.4 billion (nice!) and is the largest European real estate transaction this year. The transaction is subject to regulatory approval and is expected to close by the end of 2016.

Well, well ... P3, uh, the group. Are they a group? 'Three chords and the truth, Mikey?' Yeah, probably. I'll have to check them out on YouTube.

TPG Real Estate and Ivanhoe Cambridge acquired P3 in 2013. The Group has since grown into one of Europe's largest fully integrated logistics platforms and developers with a 3.3 million square metre portfolio. Over the last three years, P3 has completed a series of add-on acquisitions in key European markets, more than doubling the size of the portfolio, which now includes 163 high quality warehouses, in 62 locations, across nine countries. At the same time, the Group has increased its customer base threefold, demonstrating the strong and growing demand for premium logistics space.

Ha! Pop group? Of course not! P3 is a fully integrated logistics platform and developer. 'Ha!' I should read these emails properly before I start writing. 'You're just so enthusiastic, man ... or lazy.' Shut up! It's early in the morning. I've just had my coffee. I'm hardly awake. / So, what else? 'I think we need to hear from Ian Warboys.' Do we? Christ!

Ian Worboys, CEO of P3 said: "With the backing of TPG Real Estate and Ivanhoe Cambridge we have been able to significantly expand across our core territories, become a market leader, and create a clear differentiation as a customer-centric business. We are excited to partner with one of the world's largest sovereign funds in GIC, and we look forward to delivering the same success for our new shareholder. GIC's long-term investment strategy is closely aligned to our own approach, as a long-term owner and developer of high quality assets."

Excited. Normally, they're delighted, but I can dig "excited". 'It makes a nice change, boss.' Let's hear from Anand Tejani.

Anand Tejani, Partner at TPG Real Estate, said: "P3 is a good example of our platform-based investment strategy, and we are very proud of what we have accomplished together. Under our ownership, the business has undergone a period of significant change, growing to be one of the leading fully integrated logistics platforms in Europe. P3 has more than doubled in size and has strengthened its asset management, property management and development capabilities. We believe P3 will be well positioned to continue its growth under GIC's ownership."

Continue its growth? Why does he care? Never mind. / And Meka Brunel. 'Who?!' Meka Brunel.

Meka Brunel, President, Europe, Ivanhoe Cambridge, added: "We are very satisfied with how P3 was transformed into a leading logistics platform in such a short period of time. This transaction aligns with our investment strategy in Europe, where we look forward to continuing our success."

Okay. 'Is Lee Kok Sun available for comment, boss?' Yes, Voice, he is. Lee, mate, come on!

Lee Kok Sun, Chief Investment Officer at GIC Real Estate said: "We believe P3's strong growth will continue given its diversified, income-producing portfolio and substantial land bank. We are confident of the long-term potential of the European logistics sector, and look forward to expanding this attractive platform with the very capable P3 management team. GIC's extensive experience in investing in logistics globally also allows us to add value to this partnership."

Well, that does it. All's well that ends well, etc. / Laters.