P3 Logistic Parks has announced during MIPIM that it started 2016 with almost 220,000 m2 of warehouse space under construction in four countries across Europe, already almost doubling its 2015 development total of 113,000 m2.
P3 Logistic Parks has announced during MIPIM that it started 2016 with almost 220,000 m2 of warehouse space under construction in four countries across Europe, already almost doubling its 2015 development total of 113,000 m2.
The pan-European logistics real estate owner, developer and asset manager is owned by TPG Real Estate and Ivanhoé Cambridge.
The majority of the new space is pre-let and being built for customers on a Build-To-Suit basis, including a new logistics centre for PSA Peugeot Citroen at P3 Niedersachsenpark in North West Germany. In selected cases, such as in the Czech Republic, the company is developing warehouse space to reflect localised market shortages.
The growth in new development follows P3’s performance in 2015, which was the company’s busiest year since it was established in 2001.
During 2015, the company leased nearly 407,000 m2 across its 3 million m2 European portfolio and agreed lease renewals on more than 405,000 m2. There was strong rental growth across the portfolio and P3 occupancy rates continued their year-on-year improvement from 89% at the end of 2013 to 91% in December 2014 and 93% at the end of last year. The company achieved 100% occupancy in Germany, Italy, Romania and Slovakia.
'We are proud of P3’s performance in 2015 and look forward to continuing the momentum with which we have started this year,' said P3 CEO Ian Worboys. 'We are starting the year with a full construction order book – 11 buildings under construction in four different countries, a land bank with permission for the development of over 1.3 million m2 of logistics space and a number of new Build-To-Suit deals in the pipeline. We believe this should position us well to respond to increased tenant demand and will deliver sustainable growth.'
