P3 Logistic Parks, the warehouse investor-developer, has acquired a 16-hectare site in Dragomiresti Vale, a prime logistic location on the north west outskirts of Bucharest. A new 80,000 sqm logistics park – to be known as P3 Bucharest NW Ring Road – is to be developed on the site.
“This is the fifth new park that we have added to our pan-European portfolio this year,” said P3 CEO Ian Worboys.
“Romania is a key strategic market for P3. We believe that the country has strong growth potential. Our portfolio in the country has performed really well over the last three years, having grown from 215,000 m2 in 2015 to over 380,000 m2 in 2018. This latest land acquisition confirms our long-term commitment to the Romanian market. Our aim is to continue the growth of our business in the country in a sustainable manner,” said P3 CEO Ian Worboys.
Pop & Partners advised P3 throughout the acquisition.
“This acquisition is the first step in delivering on our strategy to expand P3’s presence in the Romanian market with new locations both in Bucharest, as well as in other parts of the country. We are very excited to be starting this new chapter in P3’s development in Romania and we aim to start the construction of the first warehouse building on this new park, our first project outside our existing P3 Bucharest Park, during the second half of 2019,” added Sinziana Pardhan, managing director of P3 in Romania.