PointPark Properties (P3) has been awarded a contract to develop a 20,000 m[sup]2[/sup] shed facility in Central Europe for a firm active in the car-making industry after the initial developer approached was unable to raise the requisite financing.
PointPark Properties (P3) has been awarded a contract to develop a 20,000 m2 shed facility in Central Europe for a firm active in the car-making industry after the initial developer approached was unable to raise the requisite financing.
Ian Worboys, CEO of P3, received a call from the client during an interview with PropertyEU at the Mipim real estate fair in Cannes on Thursday. P3 had been contacted by the client two weeks before when it emerged the other developer 'might not be able to perform'. The client contacted P3 offering the project when this was confirmed. At the end of the interview, Worboys left to finalise negotiations about the development project.
P3 is a wholly owned subsidiary of Arcapita Industrial Management, the specialist logistics real estate investment management arm of Bahrain-based boutique investment bank Arcapita. Founded in Prague during 2001, P3 is a European-focused real estate development, asset and management business. Arcapita acquired P3 in 2008 and transferred its European assets to it. P3 has 1.5 million m2 of existing warehouse assets and 800,000 m2 of land with consent for development. Arcapita recruited key management personnel, including shed veteran Worboys, and initiated an expansion programme backed by Arcapita's financial clout. P3 opened an office in London in the latter part of 2009 and it is opening a French office in June. Worboys: 'To use a surfing analogy Arcapita are allowing us to grow by positioning ourselves to ride the wave as it is breaking.'
