Pan-European logistics real estate owner, developer and asset manager P3 is to build a new logistics facility at its P3 Bucharest Park in Romania on a speculative basis. The 28,000 sqm warehouse is the first building to be developed by P3 in Romania following its purchase of the P3 Bucharest logistics park – the largest in the country – earlier this year (2015). Construction started at the end of last month.
Strategically located approximately 13 kilometres west of Bucharest city centre, the park currently comprises 215,000 sqm and is fully occupied. In addition, there is 40 hectares of land that can be developed to provide around 160,000 sqm of additional space in units ranging from 5,000 sqm to 50,000 sqm. The new building, which is scheduled for completion in April 2016, is to be built on a 6 hectare plot.
“The rapid growth of the Romanian logistics market has resulted in extraordinary take up of warehousing space, so much so that the vacancy rate has dropped to just 5 percent in the greater Bucharest area,” commented P3 CEO Ian Worboys. “By building this warehouse speculatively, we can ensure that we can provide customers with immediately available space as well as our bespoke Build-To-Suit options. This project clearly demonstrates our commitment to Romania, which we first entered in 2010. We are here to invest and grow, responding to the needs of our large portfolio of European customers who want quality facilities and value added services. P3’s pan-European expertise together with its understanding of the CEE region and strong knowledge of the Romanian market enable us to deliver this,” he continued.
The new building will be one of P3’s new generation buildings, built to meet strict European environmental impact standards and deliver operational savings. As a result P3 is exploring energy saving and sustainable technology solutions such as LED lighting, energy efficient composite panel cladding, water supply management and a comprehensive building management system.
Peter Becar, P3’s Managing Director for CEE and Romania, said: “The expansion of our successful P3 Bucharest park will enable us to satisfy demand for large, sustainable distribution space in the rapidly growing Romanian market. We believe that this strategy will be attractive to customers.“
Laurentiu Duica, P3’s Head of Leasing in Romania, continued: “We started work on gaining the necessary building permits to develop the remaining land at P3 Bucharest shortly after we completed the purchase of the park. Securing these approvals ahead of time means that we can react quickly to customer demand for new Build-To-Suit space and get the turnaround time for a new building down to just 5-6 months. We worked hard to get this project on track. We believe it will attract new customers to our park and, ultimately, generate new jobs for the region.”
P3 Bucharest offers direct access to and high visibility from the new A1 motorway, which will connect the Romanian capital with the western part of the country. The park is close to the city’s ring road that provides easy access to its six districts, to Henri Coanda International Airport 22km away and to the A2 motorway.