P3, the specialist owner, developer and manager of European logistics properties, has agreed to buy two logistics parks in Poland and one in Romania with a combined total of 467,000 m² of lettable space, from CA Immobilien Anlagen AG. The purchase, which is still subject to contractual terms and regulatory approvals, also includes almost 1,650,000 m² of land for development, principally in Poland and Romania.
Ian Worboys, P3's Chief Executive said: “This portfolio of high-quality properties in great locations strengthens our position as one of the top logistics property owners in Europe. This transaction follows P3's recent acquisitions in Italy and the Czech Republic and is in line with our overall strategy for growing our business since the acquisition of P3 by TPG and Ivanhoé Cambridge in October last year. P3 now operates more than 2.8 million m² of modern logistics and distribution facilities and also owns one of the largest land banks for logistics development in Europe. This acquisition of high-quality assets produces strong cash flows that will provide attractive returns for our stakeholders.”
The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 m² of almost fully occupied space and 400,000 m² of land for development. It is a major center for third-party logistics providers, due to its direct access to the A1 motorway heading westwards and the park's freight handling facilities as part of the pan-European rail corridor linking Dresden and Nuremberg to Istanbul. The park's location, on the city's principal ring road and its close proximity to central Bucharest, attracts e-commerce tenants, notably online retailer e-Mag as well as multinationals such as Carrefour, Tibbett Logistics, Gebrüder Weis and Interbrands.
In Poland, the 177,000 m² park at Blonie is situated 30 kilometres west of Warsaw city center, with links to the A2 motorway to Poznan and Berlin. Tenants include Bayer, IBM, Orange, Triumph and online retailer Allegro, reflecting the park's appeal to large retailers seeking proximity to the Polish capital. This park offers 170,000 m²of development land.
The third park lies near Piotrkow, South East of Lodz in central Poland. It provides 75,000 m² of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 1,200,000 m² plot, offering scope for development. Kühne & Nagel, FM Logistics and InPost are among the park's larest tenants.