TPG, Ivanhoe look to exit P3

The pair have reportedly hired Eastdil Secured to offload the European investor, developer and asset manager of warehouse properties.

US private equity giant TPG and Canadian investor Ivanhoe Cambridge have reportedly begun a sales process for their European logistics platform Point Park Properties (P3).

According to a report in UK property magazine Estates Gazette, US real estate investment bank Eastdil Secured was hired to handle the sale of P3, which has a portfolio valued at more than €2.5 billion.

TPG’s and Eastdil’s media spokespersons were unable to respond to requests for comment by press time.

The report said P3 is not being offered to established players in the sector such as: Blackstone’s Logicor, Brookfield’s IDI Gazeley, SEGRO or Prologis, as TPG and Ivanhoe aim for a higher price for the business from a buyer that would have use for an existing management platform.

Headquartered in Prague, P3 owns 163 warehouses across Bulgaria, the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania, Serbia, Slovakia and Spain totaling 35.5 million square feet of sheds, and a development pipeline totaling 15 million square feet.

TPG and Ivanhoe acquired P3 back in 2013 when the company had a portfolio of just 48 warehouses and a land bank. The deal followed an aborted IPO on the London stock exchange by its previous Bahraini owner Arcapita in 2012 amid turbulent economic conditions in Europe at the time.

TPG Real Estate includes both TPG Real Estate Partners, the private equity firm’s real estate equity investment platform, and TPG Real Estate Finance Trust, its real estate debt origination platform. Collectively, these two platforms manage more than $7 billion in assets and work across TPG's New York, San Francisco, and London offices.