P3 increases AUM to 1.5 million m2

PointPark Properties (P3), a pan-European developer and asset manager of modern logistics parks, has been appointed asset manager for the Crescent Euro Industrial II (CEI II) fund. The fund is majority owned by Arcapita.

Following the new management contract for 627,000 m² of warehouse space in Western Europe, P3 has increased its assets under management in Europe to over 1.5 million m². CEI II comprises 19 industrial warehouse and logistics properties in four countries (13 properties in France, four in the Netherlands, one in Italy and one in Germany).

The properties are currently 78.3% leased. Main tenants include such renowned global logistics operators as Kühne & Nagel, ND Logistics, Deutsche Post, Wincanton, Yamato and DSV.

Ian Worboys, P3 CEO said: 'Taking on the asset management of a large portfolio such as this confirms the strong position of P3 in the pan-European market. It shows that even in the current economic situation we can keep increasing P3 portfolio of assets and serve our customers in an even more effective way. We are now able to offer our customers a wide range of warehouses from France to Romania. We also offer a build-to-suit service across Europe on existing sites as well as on our land bank of 820,000 m².'