P3 confirms plan to list and acquire EUR 760m logistics portfolio

PointPark Properties (P3) has confirmed it is seeking to raise about £250 mln (EUR 310 mln) by listing the company on the main board of London Stock Exchange.

The European logistics specialist will use the proceeds as partial payment to acquire a EUR 760 mln logistics property portfolio from Bahrain-based Arcapita Bank and its funds, as well as to deleverage the portfolio and to fund 'further growth opportunities'. The rest of the acquisition cost will be paid by issuing Arcapita with a 15% equity stake. The aim is for a loan-to-value ratio of 40% after the transaction.

P3 currently has 46 warehouse assets. The company will be the only listed full service, pure logistics player operating on a pan-European basis,' CEO Ian Worboys and chief financial officer George Aase told PropertyEU on Tuesday.

'We have been working on this for two years,' Worboys said in an interview a day after he took part in PropertyEU's European logistics Investment Briefing at Expo Real.

'As you saw at the Investment Briefing the market is very much looking for long-term secure income which is provided by logistics property. Logistics is not only the flavour of the moment - it has been a very good provider of returns for investors in the last 10 years,' he said.

Aase added: 'Even though there is no pan-European REIT regime, that type of profile is very exciting and there is nothing else on the market today which gives investors the opportunity to invest in a pan-European pure logistics company.'

The company was established as Pinnacle in the Czech Republic during 2001. Arcapita acquired the Pinnacle asset management business and its CEE assets from Merrill Lynch seven years later. Worboys became CEO of the company in 2009 and the company name was changed to Point Park Properties.