Global law firm White & Case LLP has advised P3 Logistic Parks (P3) and leading global investment company TPG Real Estate on the sale of P3 to GIC, a sovereign wealth fund established by the government of Singapore.
With a transaction value of €2.4 billion (nearly 65 billion Czech crowns), this represents the largest deal on the European real estate market this year, and the largest real estate deal ever in the Czech Republic.
"The White & Case team supported a long term client on a landmark transaction that reflects the company's growth strategy and confirms its leading position among European logistics property owners," said Prague-based White & Case partner Petr Pánek, who led the deal team and heads the Firm's real estate practice in Central & Eastern Europe.
Over the course of the past three years, P3 Group, through a number of acquisitions in key markets across Europe, has grown into one of the largest fully-integrated logistics and developer platforms in Europe, with a portfolio of 3.3 million square meters of storage and industrial premises across 163 modern warehouses in nine countries.
The White & Case team previously advised P3 when it acquired a significant €523 million VGP portfolio in 2013, and on the recent €1.4 billion long term financing agreement with a group of international financing institutions.
The White & Case team that advised on the transaction was led by partner Petr Pánek and included partner Jonathan Weinberg and local partner Václav Kubr with support from associates Karel Petržela Luboš Koucký (all Prague) and Vladimír Ivančo (Bratislava).
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