P3, a European real estate investor, manager and developer, has acquired a 70,290 square metre plot in Zigoitia (Álava) for the development of a modular logistics platform of up to 43,027 square metres. This asset, which will be the second largest in the Basque Country, is currently in the marketing phase and is located in an important Basque industrial and automotive centre, designed to meet the needs of the regional logistics market.
The future facility, called P3 Zigoitia, will be divided into 4 modules of 20,000 sqm, 7,000 sqm, 7,000 sqm and 6,000 sqm, including offices. The free height of the warehouse will be 11.5 metres and it will have loading bays and parking. Construction is expected to start in the second half of 2024 and be completed in the second quarter of 2025, while development works are already underway.
The logistics project will seek BREEAM Excellent certification. LED lighting and a 428 KW photovoltaic plant will be installed. In addition, P3 Zigoitia will be able to adapt to High Risk 7, suitable for storing products with specific safety requirements.
Javier Mérida, General Manager of P3 in Spain, said: "With this warehouse we are providing Vitoria with a modern and innovative warehouse, designed to the highest quality standards. With construction scheduled to begin in mid-2024, this project, the second largest in the entire region, is shaping up to be a regional, national and southern European distribution centre".
P3 has a portfolio of 28 assets totalling 833,000 sqm, with 190,000 sqm under construction and more than 500,000 sqm under development.
In terms of location, P3 Zigoitia will be 12 km from Vitoria-Foronda International Airport, 70 km from the Port of Bilbao, and will be connected to roads such as the AP68, AP-1, N-622 and A-1, as well as being close to rail infrastructures of the Atlantic Corridor.
This development joins other recent projects such as the 33,000 square metre logistics asset in Sant Fruitós (Barcelona) and a 113,000 square metre warehouse in Reus (Tarragona). In addition, P3 owns an asset of 13,987 square metres in Galdakao (Basque Country).
Since its inception in 2016, P3 has specialised in the management of logistics assets and has a portfolio of 28 assets totalling 833,000 square metres, with 190,000 square metres under construction and more than 500,000 square metres under development. Its clients include companies such as Seur, Montfrisa, El Corte Inglés, Correos, Amazon, Airbus, DHL and Groupe CAT.
