White & Case LLP acted as advisor to P3 Logistic Parks (P3) and leading global investment company TPG Real Estate (the previous owner of the P3 developer alongside Ivanhoé Cambridge) on occasion of 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 previously represented P3 when it acquired a significant €523 million VGP portfolio in 2013, as well as with respect to the recent €1.4 billion long-term financing agreement with a group of international financing institutions.
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 sqm of storage and industrial premises across 163 modern warehouses in nine countries.
“We are immensely pleased about this opportunity to provide legal assistance to a long-term client in a transaction of such an exceptional format, a transaction that reflects the company’s growth strategy and confirms its leading position among European logistics property owners,” said Petr Pánek, partner of the Prague office of White & Case and head of the firm’s CEE real estate practice group.
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