GIC, a private equity firm, completed the acquisition of P3 Group, a long-term manager and developer of European warehouse properties, from TPG Real Estate, a global alternative asset management firm, and Ivanhoe Cambridge, a real estate investment firm, for €2.4bn. “We are pleased to announce the acquisition of this sizeable portfolio of high-quality, well-located assets in Germany, Europe’s largest logistics market. 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. Logistics continues to be an area of focus for GIC, as we expect the sector to generate resilient long-term returns amidst the uncertain environment, supported by growing e-commerce demand,” Lee Kok Sun, GIC Chief Investment Officer of Real Estate.