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P3 expansion in 2017 starts with 243 million Euro Spanish portfolio acquisition

Pan-European logistics property investor-developer P3 has started its latest phase of expansion with the acquisition of a 322,500 sqm portfolio of 11 logistics and distribution warehouses in Spain from Gore Spain Holdings. The purchase price was agreed at 243.35 million Euro.

2017-04-10 15:45:09

The portfolio includes assets in key strategic logistics locations around Madrid, Zaragoza, Toledo and Guadalajara as well as the coastal cities of Valencia in the east and Biscay (near Bilbao) in the north. The purchase, which comes shortly after P3 announced record performance across Europe in 2016, takes P3's asset base in Spain from just over 70,000 sqm to nearly 400,000 sqm and is one of the biggest portfolio transactions in Spain in recent years.

Commenting on the purchase, P3 CEO Ian Worboys said: "The Spanish economy is expanding and we identified the country as a key target for P3 in 2017. We're delighted to have been able to acquire this portfolio which makes us one of the leading players in Spain and is in line with our growth strategy across Europe as a leading property investor-developer."
P3 was advised on the purchase by CBRE, legal consulting was provided by Herbert Smith Freehills (HSF).



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