P3 Logistic Parks increases customer base by 20 percent, growth fuelled by online demand

Developer of logistics warehouses, P3 Logistic Parks, continues to record growth over the past 12 months. This has been driven, in part, by the boom in online demand, which has fuelled the need for strategically-located warehouses in Europe. P3’s customer base has grown by 20 percent, with customer retail share surpassing 30 percent for the first time in the company’s history.

Throughout 2018, the company’s portfolio grew by almost half a million sqm, offset by the disposal of 250,000 sqm of non-core assets. In addition, at the end of 2018, P3 had construction starts and a development pipeline exceeding 1.2 million sqm of committed BTS and speculative development projects. Occupancy in the portfolio remains above 95 percent.

“The logistics industry is experiencing a perfect storm of investment appetite, customer demand and technological innovation,” said Ian Worboys, Chief Executive Officer of P3 Logistic Parks. “No longer consigned to the shadows, the logistics industry is now one of the most attractive and stable investment classes around. We continue to remain customer-focused, and our growing base of retail customers appreciates P3’s flexible, long-term approach. And they keep coming back! That’s probably why we’re signing a new lease deal every 1.3 days, have a committed development pipeline exceeding 660,000 sqm, and are committed to building some of the largest spec projects in Europe.”