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Singapore's GIC to buy logistics properties in Europe for $1 billion


SINGAPORE (Reuters) - GIC, Singapore's sovereign wealth fund, said it had signed a deal to buy a logistics real estate portfolio from funds managed by private-equity firm Apollo Global Management's affiliates for about 950 million euros ($1 billion).

The portfolio comprises 28 logistics assets across Europe, including in Germany, Poland, Slovakia, Netherlands, Belgium and Austria, GIC said in a statement on Friday.

It said the deal would help scale up its P3 logistics platform. The firm bought P3 Logistic Parks three years ago. (https://reut.rs/2qLihZh)

"As a long-term value investor, logistics continues to be an attractive sector for GIC. It is set to keep growing, supported by strong e-commerce growth, and we expect it to generate steady income streams in the long run," said Lee Kok Sun, chief investment officer at GIC Real Estate.

(Reporting by Aradhana Aravindan in Singapore; Editing by Himani Sarkar)

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