P3 Logistic Parks sets its sights on the UK market. The company has announced its expansion in the UK by acquiring two logistics assets from Segro, located in well-established areas. Together, these assets have a total space of 81,000 square metres. The first of these is located in Crick and offers approximately 36,000 square metres of lettable area, while the second, with more than 45,000 square metres, is located in Kettering.
Frank Pörschke, CEO of P3 Logistic Parks, commented: "The acquisition of these two UK logistics assets marks an important milestone for P3 as it expands our operations in a key market known for its strong logistics industry. The country has always been a vital hub for international trade, and we are excited to offer our expertise and resources to meet the evolving needs of companies operating in this region."
The newly acquired logistics assets are strategically located in the area known as the 'Golden Triangle', giving them excellent connectivity to major transport networks and key industrial centres in the UK. All units were developed from 2010 to a Grade A specification, including a BREEAM rating of 'Very Good', and are fully let to three tenants.
For its entry into the UK, P3 has partnered with Roebuck, a pan-European investment management company specialising in the European logistics sector. Roebuck will bring its extensive experience and track record in occupier management to support P3's expansion in the country. In the initial phase, Roebuck will be responsible for the management of both logistics assets.
David Proctor, SEGRO's Chief Investment Officer, commented: "This sale has enabled us to dispose of a number of relatively small holdings, which were earmarked for disposal in the short to medium term, allowing us to recycle capital into our successful development programme. It also demonstrates the continued investment attractiveness of high quality logistics assets following the significant valuation correction that occurred over the last year."
Ed Plumley, head of EMEA Capital Markets at Colliers, which advised P3 Logistics on the deal, said: "These acquisitions are the good news the market needs. It is a clear demonstration that there continues to be investor appetite for assets in core locations with long-term growth and ESG return opportunities. Colliers was delighted to bring this off-market opportunity to P3 and provide focused advice as they expanded into a new jurisdiction".
