Hot on the heels of the news that it is to speculatively develop a 28,000 sqm warehouse at its P3 Bucharest park in Romania, specialist pan-European logistics real estate owner, developer and manager P3 has announced that it has already pre-let the building as part of a deal to establish an 81,000 sqm logistics hub at the park for leading European retailer Carrefour, the second largest retailer in Romania.
The new Carrefour facility will also include an existing warehouse and a 15,000 sqm Build-to-Suit (BTS) cold storage facility. This will be P3’s first BTS development in Romania since its purchase earlier this year (2015) of P3 Bucharest park, the largest logistics park in the country.
The new buildings will bring P3’s total portfolio in Romania, which already includes eight warehouses, to circa 270,000 sqm.
Commenting on the news, P3 CEO Ian Worboys, said: “This is set to be one of our largest logistics deals in the CEE this year. Securing an occupier of the quality of Carrefour for such a large and significant new project is a major achievement for P3. Romania is a rapidly growing market and we have big ambitions in the country. Having acquired P3 Bucharest, the largest logistics park in the country, earlier this year, it is exciting that we are now able to move ahead with our first Build-to-Suit project. This deal is a testament to the park’s many strengths in terms of location and facilities as well as P3’s ability to deliver the buildings designed around our customers needs, quickly and cost effectively. Carrefour is a client of ours in France and we are delighted to now be able work with them in Romania too.”
Construction of the first building started in October (2015) and the logistics facility will be completed in phases between April and October 2016.
Anca Damour, Carrefour’s Director of Property & Corporate Affairs, commented: “The success of our multi-format business resulted in the need to expand our warehouse in north-west Bucharest. So we planned to double space we occupy with Build-to-Suit buildings, built to high environmental standards, to accommodate our needs now and in the future.”
The buildings will be delivered to P3’s next generation standards, built to meet strict European environmental impact criteria and deliver operational savings. The company is working with Carrefour to explore various modern technological solutions to achieve this including LED lighting; water supply management; energy efficient cladding (air tight in the cold store); and a comprehensive building management system. The newly built space will also be designed to support Carrefour’s changing needs with expansion capabilities.