A TPG-led partnership with Ivanhoe Cambridge has bought industrial specialist PointPark Properties (P3) from Bahraini investment bank Arcapita.
As part of the deal the partners will inject additional capital into the troubled business to strengthen its balance sheet and provide support for future growth.
Prague-based P3 is a specialist investor, developer and asset manager of warehouse properties for logistics, retail, automotive and electronics manufacturing companies.
Its portfolio consists of 48 warehouses comprising around 1.46m m² and a landbank allowing for the development of more than 590,000 m² of warehouse space across Europe.
The buyout comes almost a year after Arcapita pulled the plug on a proposed £250m initial public offering of P3 on the day the company was due to be priced.
P3 is headed by Ian Worboys, formerly managing director of Gazeley’s operations in France, Spain and Benelux. SEGRO chairman Ian Coull was set to chair the listed entity before the flotation was cancelled.
Worboys said: “After five years working with Arcapita, which 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 landbank to build on our established customer base. P3 will also look to enhance its existing portfolio by acquiring quality income-producing warehouses in key logistic locations.”
TPG partner Anand Tejani said: “P3 is well positioned to benefit from the positive macro trends driving the current growth in occupational demand for European logistics space.”
Meka Brunel, executive vice president, Europe, at Ivanhoé Cambridge, said:“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.”
Jones Lang LaSalle advised TPG.
bridget.o’connell@estatesgazette.com
