P3 moving towards expansion in UK and Hungary markets
P3 LOGISTIC Parks could have a presence in the UK within the next year, the company’s chief executive officer Ian Worboys told MIPIM News.
“We have over 300 tenants — our customers — and a lot have UK operations, such as DHL. We’re one of their trusted partners and to be in the UK with them would be good.”
P3, which was acquired by Singaporean sovereign wealth fund GIC from TPG and Ivanhoe Cambridge in November 2016, is currently active in 11 European countries, but the UK has been a notable exception. Hungary is another obvious gap and Worboys said P3 is also looking at expansion there too.
“GIC does have different ambitions on the growth of P3,” Worboys explained.
He said that the strategy is being finalised but that P3 will increase assets under management. Building out its land bank, which has zoned consent for 1.8 million sq m within two-to-three years is one strand of the strategy that will increase assets by 50%.
The firm also plans to acquire sites close to existing schemes, where it is already known and trusted, and to buy land with planning consent as well as income producing assets, including portfolios.
“The pace depends upon the market,” Worboys said. “But the order books are full of build-to-suit requirements and there seems to be no slowdown in demand.”
The focus of occupier demand is in the Czech Republic, Poland and Germany, but Romania’s comparatively low wage rates and flexible unions make it attractive too.
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