P3 to sell 2.4m sq ft French logistics portfolio

By James Buckley - Thursday, October 19, 2017 15:59

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Pan-European logistics property investor-developer, P3 has put up for sale a 219,450 sq m (2.36m sq ft) portfolio of seven logistics assets in France, in what is the first time the firm has ever sold property in its 16-year history, CoStar News can reveal.

P3, which has a long term strategy of developing space to add to its estate, has instructed CBRE to sell the properties, which are located across France from Cesson-Sevigne, near Rennes, in Brittany to Rivesaltes (pictured), close to Perpignan, and on the key motorway from Spain to Marseille. It also includes two prime, grade A multi-let logistics buildings at Savigny-sur-Clairis, adjacent to a 60,000 sq m Carrefour warehouse, just south of the Paris region at the crossroads of the A6 and A19 motorways.

P3/CBRE are not quoting a price for the portfolio.

P3 CEO Ian Worboys said: "These seven properties have been identified as being outside P3’s long term investment criteria for France, so we have taken the unusual step for us of putting them on the market. We still have a significant portfolio in France, a total of eight assets totalling well over 250,000 m2, and we have earmarked funds to be reinvested in new assets and developments in the country that will more than replace the space we are selling.   Our general strategy hasn’t changed, we will continue to be long term developers and holders of our properties."

P3’s current development programme in France includes a 12,000 sq m build-to-suit extension to Ingram Micro’s warehouse at P3 Lomme, near Lille in France. In addition, P3 is refurbishing the world leading IT products distributor’s existing 30,000 sq m warehouse facility. Work began in December 2016. 

The extension was completed in September 2017 and the upgrading of the existing building is due to be handed over to the customer on Friday (20 October 2017). This project has been undertaken while Ingram Micro continued to operate from the building.

P3 is a specialist owner, developer and asset manager of European logistics properties. Active throughout Europe, P3’s asset base comprises 185 warehouses totalling more than 3.9m sq m across nine countries and a land bank for up to 1.8m sq m of further development.

P3 was purchased by GIC, Singapore’s sovereign wealth fund, in December 2016 for €2.4bn.

jbuckley@costar.co.uk

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