P3’s long-term, customer-centric approach delivers record growth in 2017
Long-term investor, developer, owner and manager of logistics property, P3, delivered record growth during 2017. The company’s portfolio expanded to more than four million sqm of premium logistics property across nine European markets. Occupancy hit an all-time high, climbing to 97 percent by year-end. The company continued active development and investment throughout the Continent, commencing construction on almost 600,000 sqm of new space, and completing strategic acquisitions in multiple countries, including a large portfolio in Spain at the start of the year for more than €240 million. As at year-end, P3’s development team had acquired more than 100 hectares of additional land across Europe, ready for development.
P3 significantly increased its customer base, welcoming new customers such as Lamborghini-Ducati, British American Tobacco, Antalis and BSH Electrodomésticos. The company also completed new premises for existing customers such as FM Logistics, eMag and Keuhne & Nagel. More than 360 companies now call a P3 logistic park home.
Commenting on the achievements of 2017, P3 CEO Ian Worboys said, “In keeping with our long-term goals, we were very active through 2017, both in terms of development activity and acquisitions. Going into 2018, we have a talented and growing team of real estate specialists ready to partner with customers on their long-term real estate needs. Demand for premium logistics space continues to outstrip supply in almost all key European locations and I see no signs of this abating. At this pace, we could see the company double in value over the next three to five years. Watch this space.”
In order to match the company’s pace of expansion, a number of key personnel changes came into force at the end of the year. Andrew Stacey, formerly Country Head for France and Head of Asset Management, moves up the role of Chief Operating Officer, responsible for daily operations of the company across Europe. Blake Horsley, formerly Country Head for Romania, takes a new role as Group Development Director, responsible for commercial growth of the company. Lastly, Andrzej Wroński, previously Country Head for Poland, moves up to Group Head of Asset Management with responsibility for the asset and property management of the whole P3 portfolio.
In addition, during 2017, P3 became the first logistics developer in the world to sign the United Nations Global Compact, the world’s largest corporate sustainability initiative, demonstrating its commitment to reducing its impact on the environment. To preside over the company’s sustainable development practices, Steffen Walvius was brought on board as the company’s first Group Sustainability Manager.