GIC, Singapore’s sovereign wealth fund, has entered a joint venture with urban logistics investment manager Melcombe Partners to acquire urban logistics properties in Europe.
Photo credit: fazon/123RF
The new venture aims to develop last-mile distribution centers and logistics assets in Europe’s main gateway cities, focusing on the UK, France, Germany, Spain, and the Netherlands. Melcombe will source, operate, and manage the assets, according to a statement.
Speaking on the collaboration, Melcombe investment manager Ludovic Bernard said the joint venture will be able to tap into Europe’s fragmented urban logistics markets. The partnership looks to capitalize on the region’s burgeoning ecommerce segment, tighten the supply of the logistics space, and increase focus on global supply chain resilience, he added.
“This Venture reflects GIC’s continued confidence in the long-term potential of the logistics sector,” shared GIC chief investment officer of real estate Lee Kok Sun.
The announcement of the new venture comes after a busy October and early November for GIC.
Last month, it was reported that GIC increased its stake in Chinese online car marketplace Uxin to 11.4% after previously holding just 5.01%.
GIC also poured US$752 million in Reliance Industries’ retail arm Reliance Retail for a 1.22% stake. The sovereign wealth fund also recently led a nearly US$200 million series D2 injection into Chinese edtech company Aixuexi Education Group.
Edited by Collin Furtado and Jaclyn Teng
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
