TPG in conjunction with partner Ivanhoé Cambridge has acquired PointPark Properties (P3) from Arcapita, an international investment company.
As part of the transaction, the investors will also commit additional capital to strengthen P3’s balance sheet and to provide support for future growth.
P3 is a specialist investor, developer and asset manager of warehouse properties, providing a first class service to logistics, retail, automotive and electronics manufacturing companies. The real estate assets consist of 48 warehouses (1.46 million m2) and a land bank allowing for the development of more than 590,000 m2 of warehouse space across Europe.
Ian Worboys, CEO of P3 says: “After 5 years working with Arcapita, who successfully assembled this portfolio, we look forward to TPG and Ivanhoé Cambridge becoming long term investors in P3. TPG and Ivanhoé Cambridge were attracted to P3 by our warehouse expertise, cohesive management platform and high quality, geographically diverse portfolio. The new investment will allow us to accelerate the expansion of our activities in our existing and new markets.
“We are now in a position with our current land bank to build upon our established customer base. P3 will also look to enhance its existing portfolio by acquiring quality income producing warehouses in key logistic locations.”
Anand Tejani, TPG Partner, says: “P3 is a leading, full-service logistics platform with a high-quality portfolio of warehouse assets located in Europe's core distribution hubs. P3 is well-positioned to benefit from the positive macro trends driving the current growth in occupational demand for European logistics space.
“We are delighted to be working with P3’s high-calibre management team and with Ivanhoé Cambridge to support P3’s next phase of growth including new portfolio acquisitions and development projects.”
Meka Brunel, Executive Vice President, Europe, at Ivanhoé Cambridge says: “This strategic investment represents a unique opportunity to acquire a large and independent logistics platform in Europe. With assets strategically positioned along major air, sea and rail transport routes, P3 offers a very attractive growth potential, and will contribute to the diversification of our real estate portfolio.
“The strong growth trend in e-commerce can only benefit the logistics industry in the long term and offers an opportunity to generate excellent returns from changing consumer lifestyles in Europe.”