Since it began its journey back in 2016, P3 has strengthened its presence in Spain, reaching a portfolio of more than twenty logistics warehouses totalling 833,000 square metres, with an occupancy rate of close to 100%. The company is currently developing an additional 190,000 square metres and plans to develop more than 500,000 square metres.
The gross leasable area (GLA) of P3's portfolio has grown by 1,330% since its entry into the Spanish market, from 58,000 square metres to 833,000 square metres this year. The company aims to exceed one million square metres by 2024-2025, through the acquisition of land, the development of new projects and the purchase of properties already built. Currently, 40% of the company's portfolio consists of its own developments, while 60% corresponds to acquisitions of logistics assets in strategic markets, with Spain being its fourth most important market.
Outstanding developments and investment strategies
This year, P3 has expanded its presence in the Plataforma Central Iberum (Toledo), delivering a 28,000 square metre turnkey project to Groupe CAT. In Illescas, the company owns six warehouses totalling 250,000 square metres.
Recently, P3 acquired a 175,000 square metre plot of land in Reus (Tarragona) to build a warehouse of more than 100,000 square metres, marking the largest logistics project in Catalonia. In Sant Fruitós (Barcelona), a 33,000 square metre warehouse is planned on a 66,000 square metre plot.
The company also completed the acquisition of two logistics warehouses in Valencia, leased from Improving Logistics, with a total surface area of 24,000 square metres in Picassent.
Javier Mérida, CEO of P3 in Spain, said: "We have a strong market position because of our capital structure. We invest with our own funds, so we do not depend on third parties to execute our development strategy.
Sustainability and expansion strategy
P3 is focused on sustained and sustainable growth, with more than 90% of its portfolio holding sustainability certifications (BREEAM Excellent, Very Good or LEED). The company plans to expand its operations in key regions of Spain, including Madrid, Andalusia, Catalonia, Valencia and the Basque Country, strengthening its Property Management team and internalising its development strategy.
