P3, the specialist owner, developer and manager of European logistics property, is preparing to start construction of a third new warehouse at P3 Bucharest park. The new 42,800 m2 building is to be developed to respond to the live requirements of current customers that are planning to expand their businesses in Bucharest. The remaining space will be available for lease to potential clients. Since its purchase of the park at the beginning of 2015, P3 has commenced construction of 47,100 m2 in two units as part of a deal to deliver a new logistics hub for Carrefour.
The new logistics facility, which will comprise 41,800 m2 of warehouse space and mezzanine offices of 1,000 m2, is scheduled to be completed in summer 2016. It has been designed to meet P3’s highest build and environmental standards. It features a height of 11.5 m, higher than the majority of industrial stock in Bucharest, which allows customers to benefit from extra storage space.
Laurențiu Duică, P3’s Head of Leasing for Romania, said: “There is strong demand for space from our current clients at P3 Bucharest who are planning to expand. P3 is ready to respond to their needs and we are happy that we can expand P3 Bucharest even further.”
Blake Horsley, P3´s newly appointed Country Head for Romania, said: “The Bucharest market currently has very few large spaces available and there is even less availability in the city’s prime logistics area surrounding P3 Bucharest. As such, we are looking forward to bringing our latest new building to the market in summer and working with both our existing and new customers to provide them with quality logistics space to help them grow their business.”
Once the three new buildings are finished, P3’s portfolio in Romania, which already includes eight warehouses at P3 Bucharest park, will increase to circa 305,000 m2 GLA. Strategically located 13 km west of Bucharest’s city centre, P3 Bucharest has the potential to provide a further 51,980 m2 of new space, in units ranging from 4,000 m2 to 40,000 m2, in addition to the current developments.
P3 currently has a total of 209,000 m2 under construction in logistics locations across Europe and many more are in the pipeline for development during 2016. In the last 12 months, P3 has experienced significant growth across Europe and created a portfolio of more than 3 million m2 of lettable space in 9 countries. During the year, the company almost tripled both its number of warehouse properties (from 59 in 2014 to 145) and the number of customers (up to 300). The company grew from 48 to over 110 employees over the same period.
P3’s buildings meet and exceed European requirements regarding environmental impact and deliver operational savings through sustainable technology solutions such as LED lighting, energy efficient composite panel cladding, water supply management and a comprehensive building management system.
P3 is a specialist owner, developer and manager of European logistics properties. Active throughout Europe, P3’s asset base comprises 145 warehouses, totalling more than 3 million m2 of space across 9 countries and a land bank with zoning for 1.3 million m2 of potential development.
In Romania, P3 currently owns the largest logistic park in the country, P3 Bucharest, acquired from CA Immobilien Anlagen AG at the beginning of 2015. This spring, the company will have 90,000 m2 under construction at P3 Bucharest. Once these are completed, P3’s total portfolio in Romania will be up to circa 305,000 m2 of lettable space.
P3’s mission is to provide warehouse tenants with a first rate occupancy experience in high quality assets in key logistics locations. P3 develops environmentally sustainable warehouses that meet the highest international standards.
PointPark Properties has adopted “P3” as a corporate brand and uses the trading name P3 Logistic Parks to reflect the company’s core business. You can find more information about P3 on our new website www.p3parks.com.
P3 is owned by TPG Real Estate and Ivanhoé Cambridge.