Singapore sovereign wealth fund GIC has bought a top European warehouse developer and manager for 2.4 billion euros ($3.7 billion) in Europe's biggest real estate transaction this year, a joint statement said Monday.
GIC, one of the world's top 10 state investment funds, bought P3 Logistic Parks from US-based TPG Real Estate and Canada's Ivanhoe Cambridge, said the statement issued by the four companies.
P3 Logistics, based in the Czech Republic, was described in the statement as "one of Europe's largest fully integrated logistics platforms and developers". It develops, owns and manages 163 "high-quality" warehouses across nine countries on the continent.