European warehouse investor-developer P3 Logistic Parks, which is owned by Singapore's GIC, has appointed Frank Pörschke as new CEO, as of 1 April.
Tim Beaudin, CEO since 2019 and previously board chairman, is stepping down as part of a planned leadership transition.
Pörschke currently holds several board positions at European real estate investment firms and fund managers. His previous roles include president, EMEA Markets, at JLL; CEO of Eurohypo, and CEO of Commerz Real.
Goh Kok Huat, chairman of the board of P3 Logistic Parks, said: 'I would like to extend my sincere thanks to Tim Beaudin for his leadership during a period marked by unprecedented economic and societal change and wish him all the best for the future.
'I am glad that Frank Pörschke is coming on board as P3’s new CEO. He and the P3 senior management team will further build on P3’s successes and pursue its market expansion plans in Europe.'
P3 said that Pörschke's background in European real estate, acquisitions and financing, combined with his leadership experience, should position the firm for further growth in the highly competitive European logistics market.
In the past 12 months, P3 has grown rapidly, closing north of €2 bn in acquisitions and increasing gross lettable area (GLA) by 48% to more than 6.5 million m2.
Pörschke said: 'P3 is extremely well positioned in a highly attractive market segment. I am excited to partner the excellent P3 senior management team and take the company to its next stage of growth.'
Lee Kok Sun, chief investment officer, GIC, said: 'Frank Pörschke is an experienced and strategic business executive with an established track record of leading and growing companies across Europe.
'He has a clear understanding of P3’s strategic vision for growth and will work closely together with the P3 senior management team to bring this to fruition. As P3’s owner and long-term investor, we are confident in its leadership team, and remain committed to supporting its continued growth in Europe.'
