Socimi P3 Spain Logistics Parks Will Invest €200M in 2018

12 January 2018 – Expansión

The Socimi P3 Spain Logistics Parks, which specialises in the logistics sector and which is controlled by GIC, the Singapore sovereign fund, is planning to invest around €200 million in Spain in 2018 on the purchase of assets and land, as well as on property development.

Of the total amount, €60 million will be spent on the acquisition of land, explained the Director General of the Socimi, David Marquina, yesterday. In addition to strengthening its presence along the Madrid-Zaragoza-Barcelona corridor, the objective of the firm is to grow along the Mediterranean Corridor, where it aims to reach as far as Málaga and Sevilla.

As part of its strategy, in December, P3 Spain Logistics Parks purchased a warehouse measuring 6,000 m2 in Valencia, which it will extend by another 6,000 m2, so that the frozen food logistics company Montfrisa can establish a hub there.

During the same month, it completed the 3,684 m2 extension of the logistics supply centre that the company owns in Getafe (Madrid), which now spans almost 20,000 m2.

Marquina considers that in 2018 investment will grow by more in Madrid than in Barcelona, due to the political uncertainty (in Cataluña) and the lack of available land in that area. Other cities, such as Valencia, will also benefit from this displacement in investor interest.

Original story: Expansión

Translation: Carmel Drake

176