The deal, which includes nearly 165 hectares of land for new developments, raises P3’s logistical portfolio to 2.9 million sqm and places it among Europe’s largest logistics space developers, P3 said in a statement Monday.
“These are high quality assets in locations where we see rising occupancy and high customer demand for Build-To-Suit (BTS) solutions. This deal follows our other recent acquisitions and further consolidates P3’s presence in the fast-growing Central and Eastern European markets. The company has grown substantially since it was acquired by TPG Real Estate and Ivanhoe Cambridge in October 2013, offering a platform of true scale and geographical reach to its customers,” P3 chief executive Ian Worboys said in the statement.
Europolis Logistic Park has a leasable area of 214,000 sqm and tenants like Carrefour, Altex and eMag. CA Immo bought the park from Austria’s Europolis, which was involved in the park’s development alongside Italian group Cefin.
P3 owns 141 warehouses in nine countries (2.9 million sqm) and has established a pan-European platform that stretches from Madrid to Bucharest. P3 also has one of Europe’s largest land banks, with scope to develop 1.6 million sqm of logistics warehousing across Europe.
“We will continue to look for acquisition opportunities, or develop warehouses in key logistics locations in order to further support our clients in the realization of their commercial needs and ambitions. For now, supply is still lagging behind growing demand for logistics space in many markets resulting in a positive outlook for rental growth,” Worboys added.
The sale of the Romanian logistic park is the second deal CA Immo made last year, after ceding a plot of land in Bucharest to local businessman Ionut Dumitrescu.
Following the sale of Europolis Logistic Park, CA Immo’s Romanian portfolio is estimated at around EUR280 million and the company makes annual revenues of over EUR30 million from rent fees.
Europolis Logistic Park, located near the entrance to the Bucharest-Pitesti highway, is assessed at around EUR120 million in the group’s most recent financial reports.