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P3 plans new 42,800 sqm warehouse in P3 Bucharest park

P3 will start construction of a third new warehouse at P3 Bucharest park.

2016-02-05 10:04:16 - by Bogdan Tudorache

The new 42,800 sqm building is to be developed to respond to the live requirements of current customers that are planning to expand their businesses in Bucharest. The remaining space will be available for lease to potential clients. Since its purchase of the park at the beginning of 2015, P3 has commenced construction of 47,100 sqm in two units as part of a deal to deliver a new logistics hub for Carrefour.

The new logistics facility, which will comprise 41,800 sqm of warehouse space and mezzanine offices of 1,000 sqm, is scheduled to be completed in summer 2016. It has been designed to meet P3's highest build and environmental standards. It features a height of 11.5 m, higher than the majority of industrial stock in Bucharest, which allows customers to benefit from extra storage space.

"There is strong demand for space from our current clients at P3 Bucharest who are planning to expand. P3 is ready to respond to their needs and we are happy that we can expand P3 Bucharest even further," Laurențiu Duică, P3's head of Leasing for Romania, said.

"The Bucharest market currently has very few large spaces available and there is even less availability in the city's prime logistics area surrounding P3 Bucharest. As such, we are looking forward to bringing our latest new building to the market in summer and working with both our existing and new customers to provide them with quality logistics space to help them grow their business," also said Blake Horsley, P3´s newly appointed Country Head for Romania.

Once the three new buildings are finished, P3's portfolio in Romania, which already includes eight warehouses at P3 Bucharest park, will increase to circa 305,000 sqm GLA. Strategically located 13 km west of Bucharest's city centre, P3 Bucharest has the potential to provide a further 51,980 sqm of new space, in units ranging from 4,000 sqm to 40,000 sqm, in addition to the current developments.

P3 currently has a total of 209,000 sqm under construction in logistics locations across Europe and many more are in the pipeline for development during 2016. In the last 12 months, P3 has experienced significant growth across Europe and created a portfolio of more than 3 million sqm of lettable space in 9 countries. During the year, the company almost tripled both its number of warehouse properties (from 59 in 2014 to 145) and the number of customers (up to 300). The company grew from 48 to over 110 employees over the same period.



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