The Freshfields team was led by partners Alex Watt and Patrick Ko

•The sale of P3, the European logistics warehousing business, was at the date of signing  the largest transaction by deal value in the European property market in 2016.

•Freshfields acted on the entire cycle of ownership of P3

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) announced today it is advising TPG Real Estate and its partner Ivanhoé Cambridge on the sale of European logistics warehousing business P3 Logistic Parks (‘P3’) to Singaporean sovereign wealth fund GIC, in a deal which values the company at €2.4bn. This deal was, at the time of signing,  the largest in the European property market in 2016.

Freshfields has advised TPG Real Estate and Ivanhoé Cambridge on their cycle of ownership of P3, including the acquisition in 2013 - in what was the largest deal in the real estate logistics market of that year - and advised P3 on its  €1.4bn long term refinancing, arranged with a group of leading international financial institutions, which closed in October 2016.

Headquartered in Prague, P3 owns 163 warehouses across Bulgaria, the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania, Serbia, Slovakia and Spain, totaling 35.5m square feet of sheds. P3 also has a land bank representing up to 15m square feet of development potential. Eleven new sites are currently under construction, with 3.2m square feet of approved development scheduled by the end of the year.

Commenting on the transaction, Anand Tejani, a partner at TPG Real Estate, said, “P3 is a good example of our platform-based investment strategy, and we are very proud of what we have accomplished together. Under our ownership, the business has undergone a period of significant change, growing to be one of the leading fully integrated logistics platforms in Europe”.

Freshfields partner Alex Watt added, “We are delighted to have worked with TPG Real Estate on all aspects of its ownership and disposal of P3. This significant and complex transaction continues the trend of large multi-jurisdictional M&A deals on which, through the strength of our cross-border real estate team, we are uniquely positioned to advise”.

The Freshfields team was led by partners Alex Watt and Patrick Ko, with support from senior associate Palina Pradhan and associates Sam Howells and Daniel Clarke. Subject to regulatory approval, the transaction is expected to close by the end of 2016.