European logistics investor-developer P3 has acquired a second logistics park near Lovosice, in the Ústí region of the Czech Republic, from HB Reavis.
Financial details were not disclosed.
The new park, to be known as P3 Lovosice Cargo, comprises a single 43,500 m2 warehouse which is fully let to a long-term occupier and houses all of its business operations, including offices.
The new park is located a few hundred metres from P3 Lovosice park, which P3 acquired in August 2017. There is also a direct rail link to the nearby international rail freight container terminal.
'Construction of the first warehouse at P3 Lovosice will start shortly with completion due in June this year. This park has attracted interest from potential customers from the outset thanks to a number of factors including its accessibility,' said Tomáš Mícek, P3's country head for the Czech Republic. 'This is demonstrated by the fact that we signed the first occupier, FM Logistic, less than three months after we acquired the site. The purchase of another building nearby clearly shows our belief in the potential of the Ústí region.'
On completion of the development of P3 Lovosice, P3 will own a total of 168,000 m2 of storage and light manufacturing space in the region.
P3 is a specialist owner, developer and asset manager of logistics properties with a portfolio of over 4.1 million m2 and a land bank for up to 1.8 million m2.
The company has headquarters in Prague and offices across Europe. P3 is owned by GIC, one of Singapore’s sovereign wealth funds.
