GIC and Exeter in €300m logistics partnership

Singapore’s sovereign wealth fund and the Pennsylvania-based real estate investment firm are targeting value-add opportunities across Europe.

GIC, Singapore’s sovereign wealth fund, has established a €300 million, Europe-focused logistics partnership with Exeter Property Group, the Pennsylvania-based real estate investment firm.

The pair will target value-add opportunities in logistics properties with access to motorways, inland and sea faring water ports, airports and rail nodes throughout Europe. The desire to invest is due to an increasing demand for logistics space in these locations due to the growing trend of e-commerce, supply chain reorganization and the increased use of third-party logistics providers, according to a joint statement.

Exeter will acquire and manage the assets, as well as implement value-add strategies including development and redevelopment.

“We believe that by combining our strength as a long-term value investor with Exeter's leading logistics management skills, our partnership will be able to create a high quality portfolio of logistics assets,” commented Christopher Morrish, regional head, Europe, GIC Real Estate.

Exeter Property Group specializes in logistics, light industrial, and related business park properties. It manages $3 billion in equity assets under management and holds more than 85 million square feet of properties and operates out of 15 regional offices across the US, UK and western and central Europe.

GIC is Singapore’s sovereign wealth fund and has some $315 billion in assets under management, according to PERE’s Research and Analytics division. Established in 1981, GIC has investments in over 40 countries and employs more than 1,200 people across 10 offices in key financial cities worldwide.