P3 LogisticParks begins its expansion in 2017 with the acquisition of a portfolio of logistics assets in Spain

The operation reaches a value of 243 million euros

The acquisition includes a portfolio of 11 logistics warehouses in Spain equivalent to 322.500 m2 of gross leasable area.

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P3 LogisticParks, investor and promoter of pan-european logistics real estate, has begun a new phase of expansion, with the acquisition of a portfolio of 11 logistics warehouses in Spain equivalent to 322.500 m2 of gross leasable area. The operation has been closed between P3 LogisticParks y Gore Spain Holdings SOCIMI, worth 243,35 million euros.

 

The portfolio is composed of assets strategically located in the main logistics areas of Madrid, Zaragoza, Toledo and Guadalajara, as well as the coastal cities of Valencia and Bilbao.

 

The acquisition of this portfolio occurs shortly after obtaining record results by  P3LogisticParksen 2016, increasing the company's portfolio in Spain from just over 70.000 m2 to almost 400.000 m2. This is one of the largest real estate transactions carried out in Spain so far this year.

 

David Marquina, General Director of P3 LogisticParks Spain, declared: «This is an excellent opportunity to reinforce our presence in the central logistics corridor, which connects Madrid, Zaragoza and Barcelona. Our next objective will be to increase our presence in the Mediterranean corridorat Barcelona to Malaga, to Valencia. We will focus on acquisitions of quality logistics assets and off-market operations, in which P3 LogisticParks, as a developer, investor and long-term owner can make a notable difference. We have several turnkey projects and warehouses in the development phase that will allow us to consolidate ourselves as one of the main providers of logistics spaces in Spain, with more than 500.000 m2 before the end of the year.

 

 

 

The portfolio is made up of assets strategically located in the main logistics areas of Madrid, Zaragoza, Toledo and Guadalajara, as well as the coastal cities of Valencia and Bilbao.

 

 

The surfaces of the warehouses range from 7.500 m² in the area of Getafe, Madrid, to more than 80.000 m² in Zaragoza. All of them are 100% occupied by national and international companies that are leaders in their sector. Among the tenants is DHL, who is already a P3 client in 4 different countries occupying 7 logistics parks, Orangina Schweppes Spain and the office products company, Staples.

 

In addition to the assets acquired, the portfolio has growth potential of more than 26.000 m2 spread over two locations.

 

About operation, Ian Worboys CEO of P3 LogisticParks, stated: «The Spanish economy is expanding, which is why for P3 Spain it was a key development objective in 2017. We are delighted to have been able to acquire this portfolio of assets, which makes us one of the main players in the sector in Spain and allows us to continue with our growth strategy in Europe as a leading real estate developer and investor.

 

P3 has had commercial advice from CBRE and legal consulting from Herbert Smith Freehills (HSF) for this operation.