P3 dramatically increased its presence in the Italian logistics market in July 2014, when it added five prime warehouse buildings near Milan to its existing asset P3 Sala Bolognese. The new properties, which total more than 200,000 m², where purchased in separate deals from Logistis, a fund managed by AEW Europe, and the family-owned CD Group to add. P3 customers in Italy include Deufol, Difarco, Agorà Network, Geodis, Rajapack, Moncler, You Log and SDA.
Commenting on the announcement of the deals, Jean-Luc Saporito, Managing Director of P3 in Italy, said: “With these latest lettings P3’s Italian portfolio, which comprises a total lettable area of 230,000 m², is fully occupied. Having achieved this status, P3 will continue to work closely with all of its existing customers to support their businesses and ensure that we are able to satisfy their changing real estate requirements. We are also looking for opportunities to grow our presence in Italy, by purchasing land suitable for our bespoke Build‑To‑Suit warehouses as well as acquiring existing tenanted logistics properties.”
The largest of the latest lettings is at P3 Brignano, to the east of Milan, where Agorà Network has taken a new lease on a 68,000 m² building previously occupied by Kuehne & Nagel. The building, located in Brignano Gera d’Adda area, provides excellent road links via the recently completed A35 BREBEMI highway (Milan-Bergamo-Brescia) and the rest of the Italian motorway network.
Previously a sub tenant of FBH Group in a building at P3 Castel San Giovanni, Rajapack has now taken over the lease in its own right on 6,700 m² of warehouse space. P3 plans to develop an additional 360 m² of offices for the company. Rajapack is part of The Raja Group, Europe’s leading packaging supplier. It wished to remain in well-established logistics area around Castel San Giovanni because of the park’s proximity to its existing customers as well as the national motorway network.
Also at P3 Castel San Giovanni, You Log has taken a lease on a 6,200 m² of warehouse space. You Log provides logistics and transportation services to a range of clients including the GLS Group.
P3’s growth in Italy is part of the wider development of the company over the last 18 months which has seen it become one of the top specialist logistics real estate companies in Europe and establish a strong and growing foothold in Western Europe. As of November 2015, it has over 3 million m² (up from 1.79 million m² in August 2014) of warehousing located nine countries including Spain, Germany, France, Netherlands as well as Italy. It also has a landbank suitable for the development of a further 1.3 million m² of space.