P3 Logistic Parks, the European logistics specialist owned by TPG and Ivanhoe Cambridge, has finalised the acquisition of a 467,000 m2 warehousing portfolio from Austrian listed property group CA Immobilien.
P3 Logistic Parks, the European logistics specialist owned by TPG and Ivanhoe Cambridge, has finalised the acquisition of a 467,000 m2 warehousing portfolio from Austrian listed property group CA Immobilien.
The package, which includes two logistics parks in Poland and one in Romania, as well as 165 hectares of land for development, lifts P3’s total warehouse portfolio to 2.9 million m2 and its land bank to 1.6 million m2.
Financial details were not disclosed. However, Polish press reports put the deal price at around €110 mln.
'This deal follows our other recent acquisitions and further consolidates P3’s presence in the fast-growing Central and Eastern European markets,' commented Ian Worboys, CEO of P3.
He added: 'We will continue to look for acquisition opportunities, or develop warehouses in key logistics locations. For now, supply is still lagging behind growing demand for logistics space in many markets resulting in a positive outlook for rental growth.'
The acquisition, which was first announced in October last year, comprises a 177,000 m2 park at Blonie, 30 kilometres west of Warsaw’s city centre; a park near Piotrkow, central Poland, that provides 75,000 m2 of space as well as a 215,000 m2 park in Bucharest.
