The General Director of the company in Spain, David Marquina, explained that this amplification will be carried out fundamentally through ‘key in hand’ contracts and gave assurances that they are in “advanced negotiations to complete a couple of the transactions before the end of the year.” However, he also stated that they are not leaving out the possibility of the purchase of new portfolios, as happened at the beginning of April with the purchase from Gore Spain Holdings SOCIMI, owner of the GreenOak fund, of a portfolio of logistics assets totalling 332,500 square metres, valued at 243 million euros.
The P3 Logistic Parks representative maintained that, “We want to become a ‘top player’ in Spain, and we are looking at the possibility of being present in Portugal when the right opportunity comes along.”
David Marquina also pointed out that they are going to continue basing their activity on the central corridor (where they already have 11 warehouses, of which 7 are in Madrid, 3 in Zaragoza and 1 in Barcelona), “but our next phase is to reinforce our position in the Mediterranean corridor: Barcelona, Tarragona, Valencia, Cartagena, Málaga, as far as Puerto Seco de Seville, which seems to us to be very important.”
Regarding his opinion on the logistics market in Spain, Marquina highlighted this by continuing, “After this period, it took some years for investment records to be broken, like the 900 million euros invested in logistics assets in 2016.” This pressure of demand has led to a strong increase in the price of land. “At present land prices, and foreseeing the predictable increase in rents, we are not going to buy property that is speculative, but, when we have a ‘key in hand’ project in progress,’ David Marquina affirmed. “As for rents, an increase is coming in Barcelona, and either a stabilisation or slight increase in Madrid.” He concluded, that although “there seems to be a continued compression in yields, although we are already at pre-crisis levels. However, in Spain we are above the average yield levels for Europe.”