P3, the specialist owner, developer, and manager of European logistics properties, has started work on the construction of a new warehouse at P3 Prague D11 park. The 40,000 m² unit is the second and largest warehouse to be built at the park. More than a third (15,000 m²) is being undertaken on a Build-To-Suit (BTS) basis for the family-run French distribution company FM Logistic in a deal brokered by CBRE. The remaining space will be available to lease.
According to a company’s press release, P3 is also expanding in other European countries and currently has 12 warehouses, with a total floor area of close to 250,000 m², under construction. In addition to its construction programme in the Czech Republic, P3 is on site with projects in Poland, Slovakia and Romania.
In Romania, P3 currently owns the largest logistic park 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.
It is also growing in Western Europe. In January, the company bought land near Munich, where it is to build the 55,000 m² P3 Gottfrieding park and it completed a warehouse for PSA Peugeot Citroën at P3 Niedersachsenpark in North West Germany at the end of April. It is about to start construction of its first new build project in France.
The rapid growth of P3 Prague D11 park complements P3’s portfolio of parks strategically positioned around the Czech capital, including P3 Prague D8, P3 Prague D1 and P3 Prague Horní Počernice, and enhances their mutual synergies.
FM Logistic is a leading international logistics contractor with a portfolio of clients that includes retail chains, food producers, manufacturers of household care products, cosmetics makers, pharmaceutical companies and other manufacturers.
“FM Logistic is an important customer,” says Tomáš Míček, Country Head of P3 Czech Republic, adding, “with this expansion FM Logistic is almost tripling the total amount of space it uses in P3 warehouses in the Czech Republic. We work closely with our customers to understand their business needs and, like here with FM Logistic, this often leads to a new BTS opportunity.”
Peter Bečár, P3’s Managing Director for CEE comments, “We are also working with FM Logitstic in Poland and Romania. P3 Prague D11 park is FM Logistic’s sixth P3 park location in these three countries. Our partnership shows that we are able to satisfy our customers’ needs in locations throughout Europe.”
“We are working in partnership with P3 in a number of European countries” says Štěpán Ladányi, FM Logistic Commercial Director CZ & SK. “Thanks to the optimal location and P3’s ability to deliver a bespoke facility based around our specific needs and requirements, we will be able to serve our customers throughout the Czech Republic even more efficiently when we relocate to this new building in January next year. The possibility for further expansion of this warehouse is also very important to us.”
“Based on FM Logistic’s requirements, CBRE prepared an overview of suitable locations in the area to the east of Prague. The best match to our client’s requirements was P3’s proposal for the construction of a new facility at P3 Prague D11 park,” explains Lukáš Šaling, Associate Director from CBRE’s Industrial & Logistics Department, who brokered the transaction. He adds, “Demand for modern industrial properties near Prague, which is the most in-demand area in the country, continues to grow.”