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P3 scales up in Germany with 33-asset retail logistics buy

P3 Logistic Parks is to acquire a portfolio of retail logistics property in Germany, its second major portfolio acquisition within 12 months during which period it has doubled the size of its portfolio in the country.

P3 has agreed to acquire the so-called “Matrix” portfolio of 33 retail logistics assets in urban locations in cities including Berlin, Dortmund, Nuremburg, Hamburg, Hanover, Cologne, Dresden and Leipzig . The portfolio, has a total of 650,000 sq m of space. P3 has declined to name the vendor or state the price agreed but the deal is expected to close in the fourth quarter of 2020.

This comes within 12 months of the acquisition of the Maximus portfolio comprising 28 assets located in core logistics hubs across Europe.

Deal follows €950m Maximus portfolio acquisition

Last December P3, which is owned by Singapore’s sovereign wealth fund GIC, paid Apollo Global Management €950 million for the 28-asset Maximus portfolio which extends to 1 million sq m. That portfolio is spread across Germany, Poland, Slovakia, Netherlands, Belgium and Austria.

GIC’s chief investment officer Lee Kok Sun said of the latest deal: “This is an attractive opportunity to strengthen P3’s presence in strategic urban locations, scale up the P3 platform, and reinforce its position as a leading developer and manager of logistics properties in Europe.”

He added that despite the current uncertain environment, GIC expects the logistics sector to generate resilient long-term returns supported by growing e-commerce demand.

P3 Logistic Parks’ chief investment officer Otis Spencer said, “This acquisition is one of the largest real estate investment deals in Europe this year, and one of the largest in Germany. It reflects our forward-looking strategy of making investments that will sustain our future growth and increase our market share in the pan-European market.”

He added that, supported by GIC, P3 is actively looking for further investment deals to strengthen its position in Europe.