TPG Capital makes real estate foray with P3 warehouse deal

Michael Bow
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TPG CAPITAL, the US private equity firm founded by billionaire investor David Bonderman, has hoovered up a portfolio of warehouses once destined for a float on London’s stock market.

The buyout firm, which has offices in St James’s employing about 60 people, agreed to buy a group of warehouses overseen by PointPark Properties (P3), according to the Sunday Times.

P3, which manages 46 warehouses across Europe, was due for a £250m initial public offering in London a year ago until its owners, Bahraini investment firm Arcapita, pulled the plug on the float.

Unlike its US private equity peers like Blackstone, TPG has shied away from real estate deals until recently. A move this summer to beef up its real estate teams and cut buyout numbers has led many to predict an expansion of its real estate portfolio.

The portfolio of warehouses stretch across seven EU countries. TPG declined to comment.