P3 completes acquisition of 467,000 sqm of warehouses from CA Immobilien
P3 Logistic Parks, the specialist owner, developer and manager of European logistics properties, has completed its acquisition of two logistics parks in Poland and one in Romania, with a combined total of 467,000 sqm of lettable space, from CA Immobilien Anlagen AG. The purchase, which includes almost 165 hectares (ha.) of land for development, lifts P3’s total warehouse portfolio to 2.9 million sqm and confirms the company’s status as one of the leading pan-European logistics warehouse providers.
Ian Worboys, P3’s Chief Executive, said: “These are high quality assets in locations where we see rising occupancy and high customer demand for Build-To-Suit (BTS) solutions. This deal follows our other recent acquisitions and further consolidates P3’s presence in the fast-growing Central and Eastern European markets. The company has grown substantially since it was acquired by TPG Real Estate and Ivanhoé Cambridge in October 2013, offering a platform of true scale and geographical reach to its customers.”
The assets acquired from CA Immobilien are:
A 177,000 sqm park at Blonie, 30 kilometres west of Warsaw’s city centre. Tenants include Bayer, IBM, Orange, Triumph and online retailer Allegro, reflecting the park’s appeal to large retailers seeking proximity to the Polish capital. This park offers 17 ha. of development land.
A park near Piotrkow, central Poland, that provides 75,000 sqm of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 120 ha. plot, offering scope for development. Kühne & Nagel, FM Logistic and InPost are among the park’s largest tenants.
The Bucharest park consists of 215,000 sqm of space that is almost fully occupied plus 40 ha. of land for development. It is a major centre for third-party logistics providers, due to its access to the city’s principal ring road and the A1 motorway plus the onsite freight handling facilities as part of the pan-European rail corridor. The close proximity to central Bucharest attracts e-commerce tenants, notably online retailer e-Mag, as well as multinationals such as Carrefour, Tibbett Logistics, Gebrüder Weis and Interbrands.
The completed acquisition strengthens P3’s platform in the “CEE Logistics Triangle” at the crossroads of east and west European transport links and Germany’s expanding industrial market. The purchase doubles the number of P3’s Polish logistics parks and strengthens its position around the core Warsaw market. P3 is now one of the market leaders in Romania, which is emerging as an important European manufacturing and logistics hub.
P3 owns 141 warehouses in nine countries and has established a pan-European platform that stretches from Madrid to Bucharest. P3 also has one of Europe’s largest land banks, with scope to develop 1.6 million sqm of logistics warehousing across Europe.
Ian Worboys concluded: “P3 will continue to look for acquisition opportunities, or develop warehouses where appropriate, across Europe. For now, supply is still lagging behind growing demand for logistics space in many markets resulting in a positive outlook for rental growth.”