Singapore sovereign wealth fund GIC has bought a top European warehouse developer and manager for 2.4 billion euros ($2.7 billion) in Europe's biggest real estate transaction this year, a joint statement said Monday.

GIC, one of the world's top 10 state investment funds, bought P3 Logistic Parks from US-based TPG Real Estate and Canada's Ivanhoe Cambridge, said the statement issued by the four companies.

P3 Logistics, based in the Czech Republic, was described in the statement as "one of Europe's largest fully integrated logistics platforms and developers". It develops, owns and manages 163 "high-quality" warehouses across nine countries on the continent.

"The transaction values the business at 2.4 billion euros and is the largest European real estate transaction this year," the statement said.

Lee Kok Sun, chief investment officer at GIC Real Estate, said the purchase reflected the company's confidence in the long-term potential of the European logistics sector.

The deal is subject to regulatory approval and is expected to close by the end of the year, the statement said.

Formerly known as the Government of Singapore Investment Corporation, GIC manages the city-state's foreign reserves with a focus on long-term performance.

It does not disclose the exact value of its portfolio, saying only that it has "well over US$100 billion of assets" in more than 40 countries, including real estate, equities and fixed-income investments.

The US-based Sovereign Wealth Fund Institute says GIC has $350 billion of assets under management worldwide, making it the world's eighth largest.