P3, the European logistics property investor-developer acquired last year by Singapore's GIC, has announced plans to raise around €30 mln through the spin off of its Spanish assets.
P3 Spain Logistics Park will issue over 5 million shares at a price of €5.66 a share and list as a real estate investment trust on Madrid's MAB stock market.
The company owns a portfolio of 12 assets valued at €237 mln but has roughly €200 mln in debt. The bulk of its assets were bought last year with the purchase of a 322,500 m2 portfolio from Gore Spain Holdings for €243 mln.
Gore is a subsidiary of GreenOak Real Estate, the global investment manager founded by former Morgan Stanley real estate executives John Carrafiell, Sony Kalsi and Fred Schmidt.
The portfolio included 11 logistics and distribution warehouses located in key logistics hotspots around Madrid, Zaragoza, Toledo and Guadalajara as well as the coastal cities of Valencia in the east and Biscay (near Bilbao) in the north.
