Property-hungry GIC seals $446.3m deal to invest in logistics hubs

It will focus on key European distribution hubs.

Sovereign wealth fund GIC has sealed a $446.3m (€300m) partnership with Exeter Property Group to to invest in logistics properties in key European distribution hubs.

GIC believes that there will be an increasing demand for logistics space in these locations over the long term due to the growing trend of e-commerce, supply chain reorganisation and the increased use of third party logistics providers.

Exeter will manage the partnership and use its integrated real estate operator skills to acquire and actively manage the assets and implement value-add strategies including development and redevelopment to generate stable, long-term income returns.  

The partnership with Exeter Property is the most recent in GIC's spate of property-related investments, among which are the acquisition of a Brazilian office tower and  the $10.6b acquisition of Blackrock’s IndCor Properties.