P3’s Logistics Socimi Debuts on MAB with 12 Assets

13 December 2017 – Eje Prime

A new player is making its debut on the Alternative Investment Market (MAB). The logistics Socimi P3, in which the Singapore sovereign fund, GIC Private Limited, owns a stake, will ring the bell today with twelve assets in its portfolio worth €236.9 million (according to the latest available data as at 30 June 2017). The Spanish manager will debut on the stock exchange with a market capitalisation of €30.3 million and a share price of €5.66.

P3 Spain Logistic Parks currently owns 11 logistics warehouses, as well as a solar panel installation, which means that it owns a combined land surface area of 321,392 m2. These assets were acquired in April from the international fund GreenOak, which had spread its logistics complexes out over five autonomous regions, primarily in Madrid and Castilla La Mancha.

Nevertheless, the jewel in the company’s crown is located in Zaragoza, in Plaza Park, where it owns an 80,000 m2 warehouse, worth an estimated €49.3 million.

The newest Socimi on the MAB belongs to P3 Group, the parent company in Europe, which controls the acquisition, leasing and sale of logistics properties across the whole continent. Coincidentally, the Spanish company, which is headquartered in Madrid, was created on 5 May last year under the name Chadwicks and thanks to the share capital of TMF Sociedad de Participación and TMF Participations Holdings. Currently, the majority share of the company is owned by the Singapore sovereign fund GIC Private Limited (…).

Around the world, the parent company, P3 Logistics Parks has a presence in eleven countries, with 1.8 million m2 of spaces to be built and 3.9 million m2 of gross leasable area.

Landlord of Balay and Seur 

In Spain, the Socimi has the No Vacancy sign up over its eleven warehouses. At its warehouse in Zaragoza, P3 is the landlord of the household appliance chain Balay (…).

Moreover, in Getafe, in the Los Ángeles industrial estate, the company is the landlord of Seur. The Spanish courier chain leases 30,000 m2 of logistics space there (…).

Turnover of €14 million in 2018

The full occupancy of all of its assets is going to generate P3 revenues of €10.8 million in 2017, according to the forecasts published on the MAB. That figure is set to increase to €14.1 million next year.

Nevertheless, the high volume of investment that the company has undertaken in recent years is going to generate losses of -€2.6 million this year and -€3.1 million next year. Meanwhile, the EBITDA of P3 Spain Logistics Parks is also noteworthy – it will amount to €5.6 million in 2017, and will rise to €8.4 million next year.

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake