Singapore Wealth Fund GIC Inks Europe’s Biggest Real-Estate Deal

Singapore Wealth Fund GIC Inks Europe's Biggest Real-Estate Deal

The transaction is anticipated to shut by the tip of 2016, topic to regulatory approval. “We consider P3’s robust development will proceed given its diversified, income-producing portfolio and substantial land financial institution,” Lee Kok Solar, chief funding officer at GIC Actual Property, mentioned in a press release. “We’re assured of the long-term potential of the European logistics sector, and stay up for increasing this engaging platform with the very succesful P3 administration workforce.”

GIC, one of many world’s prime ten international actual property funding corporations, has already inked a lot of property offers this yr.

In October, the fund teamed up with Indonesian agency PT Mega Manunggal Property Tbk to spend $720 million on warehouses in Southeast Asia’s largest financial system. And in August it joined two different traders to purchase a 71 % stake in U.S. manufactured housing property developer YES Communities in a deal that valued YES at greater than $2 billion, in accordance with the Wall Avenue Journal.

[Do not forget to read: UK Commercial Property Market On Tenterhooks]

GIC warned in July, nevertheless, that its portfolio return slowed in its newest five-year measurement interval and that its development would stay low over the approaching decade. The fund mentioned in its annual report that its portfolio return was 3.7 % a yr in dollar-nominal phrases over the 5 years by means of March 2016, versus 6.5 % in the identical interval to March 2015.