P3 Logistic Parks has entered the UK market acquiring two logistics assets from SEGRO totalling 81,000 sq m (circa 872,000 sq ft) for an undisclosed price.
In Crick, it has acquired a 36,000 sq m (circa 388,000 sq ft) unit and in Kettering, it has bought a 45,000 sq m (circa 484,000 sq ft) unit (pictured). Both assets are located in the ‘golden triangle’, have a BREEAM Very Good rating and are fully let to three tenants.
P3 is partnering with Roebuck on its UK rollout. Roebuck will manage the assets in the initial stage of P3’s UK expansion plans.
Frank Pörschke, CEO of P3 Logistic Parks, said: “The acquisition of these two logistics assets in the UK marks a significant milestone for P3, as it expands our operations into a key market known for its robust logistics industry. The country 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.”
Otis Spencer, CIO of P3 Logistic Parks, added: “P3’s entry into the UK market reflects our long-term vision and strategic growth plans. We have carefully selected these logistics assets as they align with our commitment to delivering excellent service quality, operational efficiency, and sustainability to our customers.”
David Proctor, managing director of group investment at SEGRO, 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 successful development programme. It also demonstrates the continuing investment appeal of high-quality logistics assets after the significant valuation correction that occurred over the last year.”
Ed Plumley, director, EMEA capital markets, at Colliers, who advised P3 on the transaction, said: “These acquisitions are the good news the market needs. It is a clear demonstration that investor appetite remains for assets in core locations with long-term growth and ESG performance opportunities. Colliers were delighted to bring this off-market opportunity to P3 and provide focused advice as they expanded into a new jurisdiction.”
DTRE and ACRE represented SEGRO.
