LONDON (Reuters) - U.S. buyout fund TPG TPG.UL said on Monday it had signed a 2.4 billion euro agreement to sell its logistics property firm P3 Logistics Parks to Singapore's sovereign wealth fund GIC, in what it described as the largest European real estate deal this year.
The transaction, which is subject to regulatory approval and is expected to close by the end of 2016, gives GIC control of P3's 163 warehouses in 62 locations, across nine countries.
TPG Real Estate and its partner Ivanhoe Cambridge bought the Prague-based business in 2013 and have grown its portfolio in recent years through a series of add-on acquisitions.
P3 holds a 3.3 million square meter portfolio and recently completed a 1.4 billion euro ($1.55 billion) long-term refinancing to support its growth strategy. It has 11 new sites under construction, with 300,000 square meters of approved development scheduled by the end of the year.
"GIC's long-term investment strategy is closely aligned to our own approach as a long-term owner and developer of high quality assets," said P3 Chief Executive Ian Worboys.
($1 = 0.9040 euros)
Reporting By Pamela Barbaglia, editing by Sinead Cruise