Singapore sovereign wealth fund GIC Pte. Ltd. agreed to acquire a portfolio of European logistics assets from Apollo Global Management Inc. for a net consideration of about €950 million.

Apollo's Maximus portfolio spans 1.0 million square meters across 28 properties in core logistics hubs such as Germany, Poland, Slovakia, Netherlands, Belgium and Austria, according to the release. Its tenants include automotive, e-mobility, distribution, e-commerce and last-mile logistics companies.

GIC Real Estate's Chief Investment Officer Lee Kok Sun said the expanding e-commerce sector is expected to continue driving growth in logistics, adding that the acquisition was in line with plans to boost GIC's P3 Logistic Parks platform.

The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions and requisite regulatory approvals.