Pan-European logistics property investor-developer P3 is today celebrating the start of construction of a new warehouse at P3 Bucharest park with a special ceremony to raise the first column. According to a press release, the 13,900 sqm logistics facility will include 400 sqm of offices. P3 is already in advanced discussions with a potential customer interested in leasing the whole building.
Since it purchased the park in 2015, P3 has built a total of 90,000 sqm of new logistics space. This latest warehouse is P3’s 12th building at the park. During this year it will add a further 65,000 sqm in three buildings, which means that P3 is well on the way to doubling the total size of the park in just two years.
The expansion of P3 Bucharest park is part of P3’s pan-European expansion plans which will see it developing out its existing 1.8 million sqm land bank, purchasing land to extend existing parks and acquiring new sites in the countries in which it is already represented and new territories. P3 currently has live construction projects in four countries and many more in the pipeline.
The class A building will incorporate energy efficient systems including cooling units, additional roof insulation, heat recovery and low consumption LED lighting.
“This is an exciting time for P3 in Romania as we start to deliver our ambitious expansion plans. This is our first building start of 2017. We plan to build a total of three warehouses this year. This builds upon the growth that P3 is experiencing across the 9 European countries in which it develops. Our growth clearly demonstrates the high level of our customer services and the quality of our park. Our aim is to create the most important logistic hub in Bucharest area. The developments that we undertook last year together with our plans for 2017 show that we are committed to achieving this goal and are in a position to be a long-term partner for our customers”, said Blake Horsley, P3’s Country Head in Romania.
Completion of the warehouse is scheduled for August 2017, with the potential for an occupier to take early access in June.
P3 currently has a total of 305,000 sqm in 11 warehouses at P3 Bucharest Park. P3 has recently completed three new buildings at P3 Bucharest park and is also looking to expand in Bucharest as well as central and western parts of the country.