Important logistics real estate investor to build new warehouse of almost 43,000 sqm near Bucharest

Tough competition on the domestic logistics parks market. The developer and asset manager P3, Pan-European logistics real estate owner, has eight warehouses in Romania, totaling 215,000 sqm. The latest acquisition was last year – CA Immo’s Europolis logistics park, now P3 Bucharest.

Currently, P3 Logistic Parks has under construction warehouses with an area of 90,000 sqm, for which it expects to invest EUR 65 million. Across Europe, the company has a total of 209,000 sqm logistics locations under construction.

Logistics real estate player announced on Thursday that it is preparing to start construction of a third new warehouse at P3 Bucharest park. The new logistics facility, which will comprise of 41,800 sqm of warehouse space and mezzanine offices of 1,000 sqm, is scheduled to be completed in summer 2016.

“The Bucharest market currently has very few large spaces available and there is even less availability in the city’s prime logistics area surrounding P3 Bucharest. As such, we are looking forward to bringing our latest new building to the market in summer and working with both our existing and new customers to provide them with quality logistics space to help them develop their business,” Blake Horsley, P3´s newly appointed Country Head for Romania, said during a press conference.

The new 42,800 sqm building is to be developed to respond to the live requirements of current customers that are planning to expand their businesses in Bucharest. The remaining space will be available for lease to potential clients. Since its purchase of the park at the beginning of 2015, P3 has commenced construction of 47,100 sqm in two units as part of a deal to deliver a new logistics hub for Carrefour.

P3 officials analyse the expansion of its projects in other Romanian cities.

“We think of areas outside Bucharest, such as Timisoara, Arad, Sibiu and Cluj, but we have not bought anything yet,” Horsley said.

P3 focuses on the construction of ‘built to suit’ logistics facilities.

Among the tenants of the logistics park in Bucharest are Carrefour, Altex and eMag.

The new building will be one of P3’s new generation buildings, built to meet strict European environmental impact standards and deliver operational savings. As a result P3 is exploring energy saving and sustainable technology solutions such as LED lighting, energy efficient composite panel cladding, water supply management and a comprehensive building management system.

P3 Bucharest offers direct access to and high visibility from the new A1 motorway, which will connect Bucharest with the western part of the country.

(P3 Logistic ParksA1 motorwayAltexBlake Horsleybuilt to suitCA ImmoCarrefourCountry Head for RomaniaeMAGEuropolis logistics parkLED lightinglogistics hublogistics parks marketnew generation buildingswarehouseswater supply management
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