On Friday, Singapore’s sovereign wealth fund, GIC stated, it had signed a deal to acquire a logistics real estate portfolio from Apollo Global Management’s affiliates for about $1 billion (950 million euros).

“The portfolio comprises of 28 logistics assets across Europe, including in Germany, Poland, Slovakia, Netherlands, Belgium and Austria,” said GIC in a statement.

The acquisition will help scale up its P3 logistics platform, said GIC which purchased P3 Logistic Parks three years ago.

“As a long-term value investor, logistics continues to be an attractive sector for GIC. It is set to keep growing, supported by strong e-commerce growth, and we expect it to generate steady income streams in the long run,” said Lee Kok Sun, chief investment officer at GIC Real Estate.

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