P3 Logistic Parks enters UK market

By Liza Helps, Property Editor Logistics Matters

P3 has expanded into the UK through the acquisition of two logistics assets from SEGRO, a 397,500 ft2 warehouse in Crick and the remaining three units totalling 484,500 ft2 at SEGRO Park Kettering Gateway but has ruled out any immediate plans to develop warehouses in the UK itself.

P3 Logistic Parks chief executive Frank Pörschke, said: "P3 has ambitious long-term aspirations for the UK market, with a focus on increasing market share and achieving scale through strategic, carefully selected acquisitions of existing, big box assets.

“P3’s focus will initially be on owning and managing the acquired logistics assets, but the company remains open to exploring development opportunities in the UK at the right moment. As a leading logistics property developer and investor in Europe, P3's long-term aspirations may include carefully selected development activities to further strengthen its presence and provide tailored logistics space that aligns with the evolving needs of the UK market.

"The UK has always been a vital hub for international trade and commerce, and we are excited to offer our expertise and resources to meet the evolving needs of businesses operating in this region."

P3 is partnering with Roebuck, an institutional Pan-European investment manager specialising in the European logistics sector. 

Regarding the sale of the two assets SEGRO managing director of group investment David Proctor, said: “This disposal has enabled us to divest a number of relatively small holdings, all of which were ear-marked for disposal in the near to medium-term, allowing us to recycle capital into our development programme.”

SEGRO sold its remaining properties at SEGRO Park Kettering Gateway which include two warehouses let to Bunzl (in 2020 and 2022) and a final 102,500 ft2 warehouse which is currently under offer. Rent on the final building was quoted at £7.75 per ft2. (Three properties pictured to left of photograph).

The warehouse at Crick was acquired by SEGRO in 2017 for £41.3 million reflecting a net initial yield of 5%. It was built in 2010 and is let to Butcher’s Pet Care on a lease expiring 2036.

P3 was advised by Colliers on the transaction. DTRE and ACRE acted on behalf of SEGRO.