P3 ramps up Polish expansion plans
P3, a leading owner, developer and asset manager of logistics properties across Europe, has announced plans to increase its presence in Poland. The investor-developer, which as a 10-year track record in the Polish logistics real estate market, is set to gain even greater momentum following the acquisition of land adjacent to its existing P3 Poznań park. P3 plans to develop and expand its four existing parks in Poland as well as investing in new projects in new locations over the coming months.
Peter Bečár, P3’s Managing Director CEE, said: “As we announced at the beginning of the year, when P3’s acquisition by the Singapore sovereign wealth fund GIC closed, our strategy is to expand by bringing forward the development of P3’s pan-European land bank, which will enable 1.8 million sqm of modern warehouse space to be built, as well as purchasing land and standing assets in the countries in which we are already represented and new territories.
“We recently acquired a 322,500 sqm portfolio of 11 logistics and distribution warehouses in Spain, increasing P3’s asset base there from just over 70,000 sqm to nearly 400,000 sqm. This latest acquisition marks the start of this process in Poland.”
In Robakowo, near Poznań, P3 has bought a 49.2 ha site – doubling the size of P3 Poznań park. Construction will start in 2018 and the new part of park will eventually comprise six buildings totalling 250,000 sqm.
Andrzej Wroński, Country Head for P3 in Poland, commented: “We continue to see very high levels of demand for top-quality warehousing in the Greater Poland province. This encouraged us to expand our park at Poznan, which is already benefitting from improved connectivity as a result of the recent construction of a new road that runs between the existing park and the land we’ve just bought, providing direct access to both.”
P3’s investment will help to attract businesses to the region, creating new jobs and new opportunities. Around 1,400 people currently work at P3 Poznań. The deal will also boost municipality tax revenues.
This is unlikely to be P3’s only acquisition in Poland this year. The company is currently analysing opportunities in key prime locations and hopes to agree further deals in the near future.
Wroński explained: “We are keen to buy sites suitable for the construction of a modern warehouse parks in a prime locations offering high-quality facilities, creating growth and development opportunities for companies from different sectors.”
At the same time as making these new investments, P3 is also developing its existing, much in-demand parks. Construction is underway at sites on P3 Poznań and P3 Błonie parks. A combined total of almost 80,000 sqm in two warehouses is being built and this will soon to be followed by others.
Wroński concluded: “The record leasing results which we delivered last year - almost 280,000 sqm of warehouse space let - are the best proof of how attractive our existing parks are to customers. As a result, we are not slowing down, indeed if anything we are speeding up as we continue to develop our parks over the coming months.”