P3 buys €243m Spanish portfolio
European logistics property investor-developer P3 has acquired a 3.5 million-square-foot portfolio of 11 logistics and distribution warehouses in Spain from Gore Spain Holdings SOCIMI I for €243.35 million ($257 million). The acquisition is part of the latest phase of P3’s expansion plans in 2017.
The portfolio includes assets in key strategic logistics locations around Guadalajara, Madrid, Toledo and Zaragoza, as well as the coastal cities of Valencia and Biscay.
“This is a good opportunity to reinforce our footprint in Spain’s central logistics corridor, which connects Madrid, Zaragoza and Barcelona,” said David Marquina, P3’s managing director in Spain, in a statement. “Our next target is to increase our presence in the Mediterranean corridor around Barcelona and Valencia and expand to Malaga. We will be focusing on acquiring institutional-quality logistics assets and off-market deals, where P3’s long-term investor-developer approach can make a real difference.”
The properties range in size from 80,000 square feet in the Getafe area of Madrid to 860,000 square feet in Zaragoza. They are all fully leased to blue-chip domestic and international companies, including DHL. In addition to the built assets, two of the warehouses have adjacent land totaling 280,000 square feet, with potential for P3 to develop.
The purchase, which comes shortly after P3 announced record performance across Europe in 2016, takes P3’s asset base in Spain from more than 750,000 square feet to nearly 4.3 million square feet. It is one of the biggest portfolio transactions in Spain in recent years.
