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3.3 million square metres
This is the size of the warehouse portfolio being acquired by Singapore sovereign wealth fund GIC in a €2.4bn deal with US private equity firm TPG. GIC is buying P3 Logistics Parks in order to tap into the e-commerce boom with heavy demand for warehousing space from online retailers such as Amazon (AMZN:NDQ). The UK’s largest listed industrial property outfit Segro (SGRO) announced a doubling of its 2016 investment budget in February in response to this trend. (TS)