P3 PTG_optSingapore’s sovereign wealth fund, GIC, has agreed to buy P3 Logistics Parks from TPG Real Estate and Ivanhoé Cambridge for €2.4 billion ($2.6 billion).

The two companies acquired European-focused company in 2013 and acquisitions since then have helped it double the size of its portfolio.

Lee Kok Sun, chief investment officer at GIC Real Estate, said: “We are confident of the long-term potential of the European logistics sector and look forward to expanding this attractive platform with the very capable P3 management team.”

P3 owns 163 warehouses across nine countries in Europe, totalling 3.3m sq.m of space. It has another 1.4m sq.m of development space and 11 sites under construction.

In June, it was announced that PTG would join other automotive suppliers Faurecia, Panasonic and HBPO in taking up space at P3’s 215,000 sq.m Bratislava park in Slovakia. P3 also has a strong automotive client base in Germany.

Ian Worboys, CEO of P3, said: “GIC’s long-term investment strategy is closely aligned to our own approach, as a long-term owner and developer of high quality assets.”