SINGAPORE (Dec 13): GIC, Singapore’s sovereign wealth fund, said it had signed a deal to buy a logistics real estate portfolio from funds managed by private-equity firm Apollo Global Management’s affiliates for about 950 million euros ($1.4 billion).

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

It said the deal would help scale up its P3 logistics platform. The firm bought 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.