U.S. private equity firm TPG and Ivanhoé Cambridge, the real estate investment arm of pension fund manager the Caisse de dépôt et placement du Québec, have acquired PointPark Properties (P3) from Bahrain alternative investment firm Arcapita. Based in Prague, Czech Republic, P3 is a specialist investor, developer and asset manager of warehouse properties located in Europe. While the deal’s value was not disclosed, one source has estimated it at around US$1 billion. As part of the transaction, TPG and Ivanhoé will commit additional capital to strengthen P3’s balance sheet and support future growth.
TPG AND IVANHOÉ CAMBRIDGE ACQUIRE P3
Prague, Czech Republic, October 16 2013 – TPG, a leading global private investment firm, with its partner Ivanhoé Cambridge, one of the world’s largest real estate companies, have 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 (approx. 1.46 million m2 / 15,7 million ft2) and a land bank allowing for the development of more than 590,000 m2 (approx. 6.4 million ft2) of warehouse space across Europe.
Ian Worboys, CEO of P3 said:
“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 said:
“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 said:
“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.”
About PointPark Properties (P3)
PointPark Properties (P3) is a specialist investor, developer and asset manager of warehouse properties. Headquartered in Prague and active across Europe, P3’s asset base comprises 48 warehouses and a land bank with more than 590,000 m2 for potential development. P3’s mission is to provide warehouse tenants with a first rate occupancy experience at a competitive cost. When P3 develops, it delivers environmentally sustainable warehouses to the highest international standards.
Arcapita is a global alternative investment management firm. Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita’s principal lines of business are private equity, real estate, infrastructure and venture capital. Arcapita’s Real Estate Group has a long established track record in the industrial warehousing and logistics sectors, having invested in several ventures in the US, Europe, the GCC and Asia. Further details on Arcapita can be found at www.arcapita.com.
About TPG Real Estate
TPG Real Estate is the real estate platform of TPG, a leading global private investment firm founded in 1992 with $55.3 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. The firm’s real estate transactions have included ST Residential, Catellus Development Corporation, Taylor Morrison Home Corporation (NYSE:TMHC), Parkway Properties, Inc. (NYSE:PKY), Merin BV, M West Holdings, L.P., the Woolgate Exchange building in the City of London, Assisted Living Concepts, LLC, and AV Homes, Inc. (Nasdaq:AVHI), among others. For more information visit www.tpg.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries are valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (www.lacaisse.com), one of Canada’s leading institutional fund managers. For more information, visit www.ivanhoecambridge.com.
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