P3 Logistic Parks, a leading pan-European logistics real estate owner, developer and asset manager, has started 2016 with almost 220,000 m2 of warehouse space under construction in four countries across Europe, already almost doubling its 2015 development total of 113,000 m2.
The growth in new development follows P3’s strong performance in 2015, which was the company’s busiest year since it was established in 2001.
The company saw rapid expansion early in 2015 with the acquisition of a 467,000 m2 portfolio in Poland and Romania. Combined with earlier acquisitions, P3 almost doubled its asset base over 18 months. As a result, P3 increased its customer portfolio from 98 to over 300 companies in nine countries and expanded its internal team from 48 to over 110 employees.
“We are proud of P3’s performance in 2015 and look forward to continuing the momentum with which we have started this year,” said P3 CEO Ian Worboys. “We are starting the year with a full construction order book – 11 buildings under construction in four different countries, a land bank with permission for the development of over 1.3 million m2 of logistics space and a number of new Build-To-Suit deals in the pipeline. We believe this should position us well to respond to increased tenant demand and will deliver sustainable growth.”
“During 2015, our team demonstrated its ability to successfully integrate staff and properties into the corporate portfolio.” he continued. “The portfolio in Poland and Romania, which we acquired at the start of 2015, is a good example. Within less than 12 months we were able to assimilate the properties, secure a significant number of lease renewals, substantially increase occupancy to 97% and sign a deal with Carrefour to create a 81,000 m2 logistics hub at P3 Bucharest.”
P3 currently owns the largest logistic park in Romania, P3 Bucharest park, acquired from CA Immobilien Anlagen AG at the beginning of 2015. This spring, the company will have 90,000 m2 in 3 buildings under construction at P3 Bucharest. Once these new warehouses are completed, P3’s total portfolio in Romania will have increased to circa 305,000 m2 of lettable space.
