PointPark Properties (P3), a pan-European developer and asset manager of modern logistics parks, announced that it had been appointed as the asset manager for the Crescent Euro Industrial II (CEI II) fund. The fund is majority owned by Arcapita.
Thanks to this new management contract for 627,000 m² of warehouse space in Western Europe, P3 has increased its assets under management in Europe to over 1.5 million m². CEI II comprises 19 industrial warehouse and logistics properties in four countries (13 properties in France, four in the Netherlands, one in Italy and one in Germany).
All the properties are distribution centers in well placed locations, close to highway exits with good connection to city centers. The properties are currently 78.3% leased and P3 believes that with their dynamic asset management team, occupancy will soon increase. Main tenants include such renowned global logistics operators as Kühne & Nagel, ND Logistics, Deutsche Post, Wincanton, Yamato and DSV.
Ian Worboys, P3 CEO says: "Taking on the asset management of a large portfolio such as this confirms the strong position of P3 in the pan European market. It shows that even in the current economic situation we can keep increasing P3 portfolio of assets and serve our customers in an even more effective way. We are now able to offer our customers a wide range of warehouses from France to Romania. We also offer a build-to-suit service across Europe on existing sites as well as on our land bank of 820,000 m²."
Marketa Vrbasova, European Business Development Manager says: "This is another milestone reached in the development of P3's business and growth. Even in a difficult environment, P3 finalized this major transformation on behalf of one of our institutional clients. P3 believes that the market will be strengthening in the foreseeable future and we will continue to work with our clients, ensuring that we build strong relationships with them, understand their needs and gain their trust in our expertise and customer focused approach. With our recent expansion we are now in a position to offer a competitive range of logistic properties across Europe for third party logistics companies as well as for production and industrial facility businesses in France, Germany, Italy, Spain, Netherlands, Czech Republic, Bulgaria, Romania, Slovakia and Poland."
Source: Key2B s.r.o.