The European investor and developer of warehouse properties, P3 Group increased Gross Asset Value (“GAV”) to €8.3 billion, only modestly impacted by a 2.3 percent valuation decline. Operationally, the company’s portfolio grew to 7.6 million sqm across 11 European countries, registering an all-time high occupancy rate of 98 percent.
Despite continuing market volatility, the company posted strong results supported by resilient industry growth dynamics, including favourable long-term supply and demand trends due to the continued retail shift to e-commerce and the re-organization of customer supply chains. The company’s GAV growth was driven by a prudently executed capital deployment program aimed at growing the portfolio profitably via acquisition and development activities.
Frank Pörschke, CEO of P3 Group, commented: “P3’s 2022 results reinforce our ambition to be the leading owner, investor and developer of prime logistics and industrial assets across Europe. Structural tailwinds for logistic properties remain intact with strong supply and demand dynamics despite economic uncertainties. Our portfolio value grew to €8.3 billion driven by acquisitions and development despite experiencing, thanks to our prudent, long-term approach, a comparatively low negative revaluation through market-wide yield expansion of just 2.3 percent. Building on these strong fundamentals, we will continue to carefully manage our existing portfolio and actively seek attractive growth opportunities, be those developments, individual yielding assets, forward-funding, whole portfolios or even platforms.”
Based on a strong operational platform and a portfolio focused on diversification and quality, the P3 Group operates the largest logistics portfolios in continental Europe. The company’s performance was supported by the resilience of the industry’s growth dynamics, including favourable long-term supply/demand trends due to the continued shift of retail to e-commerce and the reorganization of customer supply chains. Recent European events have accelerated/amplified this dynamic and demonstrated the resilience of rent collection rates relative to other real estate sectors. ESG strategy is a priority for P3 Group, which has exceeded the target of 75 percent BREEAM Very Good or higher. The solar deployment target has increased to 100 MWp by 2027 to meet investor expectations, the tenant needs and regulatory requirements.