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10 October 2018
The socimi, which acquired GreenOak’s logistics portfolio in the country in 2017, plans to strengthen its presence in the short term in cities such as Barcelona, Madrid, Zaragoza and Valencia.
P3 Logistic Parks is looking to take first place in Spain’s logistics market. The group, owned by the sovereign fund Singapore GIC Private Limited, is continuing to follow its previously disclosed growth strategy in the country and has set as one of its short-term objectives the goal to increase its presence in the Mediterranean corridor and the Central corridor, as the company explained to EjePrime.
The socimi, which started trading on the Alternative Stock Market (MAB) last December, wants to position itself as “real estate developer and real estate investor in Spain,” a market in which it has been present since 2015. To do this, the company considers it essential to acquire new logistics assets in Barcelona, Málaga, Valencia, Madrid and Zaragoza.
One of P3 Logistic Parks’s most recent operations in the country was carried out near the Spanish capital, in Toledo. The company finalised an agreement yesterday with Airbus to develop a new 31,000-square-meter logistics platform in the municipality of Illescas, as EjePrime reported. The socimi plans to begin work on construction by the end of the year so that the aerospace company can move into its new facilities in the third quarter of 2019.
P3’s largest operation in Spain, however, occurred in April 2017, when it took over GreenOak’s logistics portfolio. The company acquired a set of eleven industrial warehouses spread out over different localities from the North American fund. Through the operation, the socimi added more than 400,000 square meters to its portfolio, which currently consists of a total of eighteen logistics assets.
” P3’s strategy in Spain is based on a long-term vision, since we have numerous assets in the logistics field, in consolidated locations and areas of great interest,” the company stated. The group is following the same trajectory in the rest of the European countries in which it is present: the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania and Slovakia.
The company has more than 185 warehouses and logistics parks (totalling 4.2 million square meters), a land bank of more than 1.8 million square meters and a portfolio of 400 customers in Europe. Among the tenants of P3, apart from Airbus, there are companies such as Lamborghini, Ducati, British American Tobacco, Antalis and BSH Electrodomésticos.
Currently, Spain accounts for about 12% of the company’s total business. One of the challenges pursued by the company is to improve its presence “in the Central corridor, especially in key areas such as Madrid and Zaragoza, where there is less supply of available space, but where demand continues to be high.”
P3 Logistic Parks belongs to the P3 Group, the European parent company that controls the acquisition, lease and sale of logistics properties throughout the continent. The Spanish company, with headquarters in Madrid, was created on May 5, 2017, under the name of Chadwicks with capital from TMF Participation Corporation and TMF Participations Holdings. Today, the sovereign fund of Singapore GIC Private Limited holds the majority stake of the company.
Original Story: EjePrime – Berta Seijo
Translation: Richard Turner