P3 values its logistics portfolio at €10.8 billion at the end of 2025, up 7% from €10 billion in December 2024, according to its financial results for the year. The company currently manages a portfolio of 10.2 million square metres of gross leasable area (GLA), spread across 10 European countries and with more than 490 tenants. During the financial year, the group also added more than 800,000 square metres to its portfolio through acquisitions and completed developments, according to CIO Chris Zeuner.
The revaluation of assets in like-for-like terms reached 0.8%. Net Operating Income (NOI) increased by 11% to €544 million, compared to €489 million in 2024. This increase is explained by the larger size of the portfolio and like-for-like growth of 2%, derived from rent indexation and re-letting activity.
During the financial year, the company leased a total of 1,517,000 sqm, while rents from new contracts increased by 7%. The like-for-like EPRA occupancy rate stood at 96.3%, compared to 98.1% in the previous year, and the rent collection rate reached 99.4%. The EBITDA margin remained at 85%, in line with the previous year.
In terms of development, the company delivered seven new logistics projects. At the end of the year, these assets were 87% leased and valued at 29% above development cost. In addition, P3 has 13 projects under construction totalling approximately 496,000 sqm of GLA in seven European countries.
In terms of financial structure, the loan-to-value (LTV) ratio stood at 46.7%, virtually unchanged from the 46.8% recorded in December 2024. The company also has liquidity of close to €1.6 billion. The interest coverage ratio (ICR) improved to 2.9 times.
The company also accessed the capital market through two green bond issues. In October, it issued €500 million with a maturity of 7.5 years and a coupon of 3.75%. Subsequently, in January 2026, it launched a second issue for €350 million with a maturity of 5.2 years and a coupon of 3.375%, with a credit spread of 97 basis points.
