Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks for $2.7 billion in what’s being called Europe’s largest real-estate deal of 2016.

GIC will buy P3 Logistics Parks for 2.4 billion euros ($2.7 billion), the Singaporean sovereign wealth fund said on Monday, in what it said was Europe’s largest real-estate deal of 2016.

P3, which runs logistics properties across Europe, was sold by TPG Real Estate and Ivanhoé Cambridge. With more 163 warehouses across nine countries, P3 has 11 new sites are under construction, with 300,000 square metres of approved development scheduled by year-end.

The transaction is expected to close by the end of 2016, subject to regulatory approval.

“We believe P3’s strong growth will continue given its diversified, income-producing portfolio and substantial land bank,” Lee Kok Sun, chief investment officer at GIC Real Estate, said in a statement. “We are confident of the long-term potential of the European logistics sector, and look forward to expanding this attractive platform with the very capable P3 management team.”

GIC, one of the world’s top ten global real estate investment firms, has already inked a number of property deals this year.

In October, the fund teamed up with Indonesian firm PT Mega Manunggal Property Tbk to spend $720 million on warehouses in Southeast Asia’s largest economy. And in August it joined two other investors to buy a 71 percent stake in U.S. manufactured housing estate developer YES Communities in a deal that valued YES at more than $2 billion, according to the Wall Street Journal.

GIC warned in July, however, that its portfolio return slowed in its latest five-year measurement period and that its growth would remain low over the coming decade. The fund said in its annual report that its portfolio return was 3.7 percent a year in dollar-nominal terms over the five years through March 2016, versus 6.5 percent in the same period to March 2015.

The fund doesn’t provide one-year returns, nor disclose the size of its assets under management.

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