P3 Logistics Parks (“P3”) announced the appointment of Tim Beaudin as CEO. Previously, Beaudin served as P3 Chairman of the Board since March 2018. He is replaced as P3 Chairman by Goh Kok Huat, former Chief Operating Officer of GIC, effective 1 October 2019. Beaudin takes the reins of P3, a developer and investor of warehouse property active in Europe for almost two decades, to build on the company’s success and support the P3 leadership team on growth plans.
Tim Beaudin, P3 CEO, said, “I’m excited to get involved in my new role at P3. I’ve spent 18 months getting to know the business and I’m acutely aware of our strengths given the current encouraging state of the warehouse market. I expect eCommerce to remain a driving factor in our sector and we will continue to pursue development and spec opportunities across our European portfolio. My role is really pretty straightforward; support the P3 leadership team on their market expansion plans and ensure the company is well-positioned for future growth.”
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said, “GIC is confident that P3 will benefit from Tim’s considerable relevant industry and institutional experience. In addition, he will be well-supported by a strong senior management team with in-depth market knowledge and networks. With our appointment of Goh Kok Huat as the new P3 Board Chairman, we believe that Tim and the senior management team will benefit from his strategic advice and insights. With these developments, P3 is on track for the next phase of growth in Europe.”
P3 also announces the internal promotion of Jean-Luc Saporito and David Marquina to the role of co-Chief Development Officer (CDO). In their new role, they will drive development of the business across Europe, supporting Mr. Beaudin. Both Mr. Saporito and Mr. Marquina retain their existing country duties, Italy and Spain.
David Marquina, P3 co-CDO, said, “I am delighted to join the Executive Team of P3 at a time when the logistics industry is experiencing rapid growth. In my new role, I will help marshal the group’s development and land acquisition activities in Spain, Portugal, Germany, Poland and the Netherlands, as well as explore new business opportunities. I will remain in close touch with our customer base across the European region.”
Jean-Luc Saporito, P3 co-CDO, said, “I have been part of the P3 growth story since 2014, and am keenly aware of the strengths, and potential, of the organization. My new role as part of the P3 Executive Team is to drive development, land acquisition and business opportunities, together with the Country Managing Directors, in Italy, France, Czech Republic, Slovakia and Romania.”
The change in Leadership will not affect the fundamentals of P3’s growth strategy, which were successfully established over recent years. P3 remains focused on being a long-term, owner-developer of warehouse properties in Europe with unparalleled access to patient, stable capital, wholly-owned by GIC, Singapore’s Sovereign Wealth Fund.
Since its acquisition by GIC in December 2016, P3 has grown its portfolio in 11 European countries to 4.3 million sqm of prime warehouse property, with available development land of more than 1.1 million sqm. Within the organization, P3 has grown to more than 150 real estate experts in 10 offices.
