P3 Logistic Parks has leased 99,000 m2 of warehouse space in Echt

by   CIJ News iDesk III
2022-01-13   16:30
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P3 Logistic Parks, a long-term investor, manager and developer of European industrial properties, has entered into a long-term lease agreement with an international retail chain in P3 Echt Park in the south-eastern Netherlands. The park is one of the most sustainable development projects in the P3 portfolio and also the first forward* contract in the Netherlands.

At the end of last year, P3 acquired an area of ​​almost 100,000 sqm and immediately leased it to a single tenant, a major retail chain. P3 Echt is part of the Midden-Limburg Business Park in Echt-Susteren, near the German and Belgian borders, and is therefore strategically located for retail. The logistics park consists of four comparable units, each of which is divided into warehouse space, mezzanine and office facilities. In total, P3 Echt consists of 84,877 sqm of warehouse space, 12,685 sqm of mezzanine and 1,376 sqm of office space. P3 leasing agents were Cushman & Wakefield and Bridgegap.

With the help of Dutch real estate agents Knight Frank, Dentons and C2N, P3 bought the logistics park in Echt from the development company Dokvast Projects B.V. in the form of a forward contract concluded in October 2020 with performance in December 2021. Heembouw began development at the end of 2020 and completed the construction of P3 Echt at the end of November 2021.

In order to obtain the highest level of BREEAM Outstanding certification, P3 has taken major steps in the park's sustainability - in particular CO2 monitoring, water and waste management, solar panel use, energy-efficient lighting, as well as sensitive access to the surrounding flora and fauna. P3 Echt is thus the most sustainable P3 development project in Europe.

"This contract is a great success for P3, as we were able to secure a great tenant of 99,000 sqm almost immediately after the construction and completion of the forward contract. The smooth running of the project testifies to the correct risk assessment and prediction of project implementation. Therefore, we remain optimistic about opportunities like this in the future. We will continue to focus on acquisitions in locations with promising potential in regions with high tenant demand,” says Otis Spencer, CIO of P3 Logistic Parks.

“The P3 Echt lease was our first major project in the Netherlands, which also shows the enormous potential of sustainable development projects. In addition, P3 Echt is the largest leased speculative construction project in the Netherlands in the last 15 years. We are proud to have built such a large and at the same time highly sustainable and innovative park that meets the needs of international companies,” says Léon Vié, P3 Director in the Netherlands and Belgium.

P3 in the Netherlands currently owns and manages a total of 7 logistics parks leased by companies such as Greenyard Fresh, Jumbo, Yamato, Karl Rapp and Cargotech.

* A forward contract is an agreement between two parties to buy or sell an asset at a specified time in the future at a specified price at present.