Investment fund P3 buys logistics parks in Romania, Poland

P3, a specialized investor, developer and manager of European logistics properties, has agreed to buy two logistic parks in Poland and one in Romania from CA Immobilien Anlagen AG, the company announced in a statement. The two parks have a total lettable space of 467,000 sqm. The purchase is still subject to contractual terms and regulatory approvals and also includes some 165 hectares of land for development, mainly in Poland and Romania. “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 Ivanhoe Cambridge in October last year,” said Ian Worboys, P3’s Chief Executive. The company now operates more than 2.9 million sqm of modern logistics and distribution facilities and also owns one of the largest land banks for logistics development in Europe, according to Worboys. The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 sqm of almost fully occupied space and 40 hectares of land for development. “The park’s location, close to the city’s principal ring road and easy access 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,” reads P3’s statement. In Poland, the 177,000 sqm logistic park located near Warsaw includes tenants such as Bayer, IBM, Orange, Triumph and online retailer Allegro. It offers a development land of 17 hectares. The second park is located near Piotrkow and provides 75,000 sqm of space. Kühne & Nagel, FM Logistic and InPost are among the park’s largest tenants. Active throughout Europe, P3’s asset base will now comprise 144 warehouses spread across 9 countries. Irina Popescu, irina.popescu@romania-insider.com