- The total surface area of new logistics asset is equivalent to 15 football pitches
- New project strengthens P3's portfolio of assets and consolidates it as one of the largest owners of logistics assets in Spain
Madrid, 19th september 2023 - P3 Logistic Parks, a pan-European property investor, developer and owner of high-quality logistics real estate, has purchased a 175,000 m2 plot of land on which to build a 111,250 m2 logistics warehouse in Reus, the equivalent size of 15 football pitches. The warehouse, which will be developed on a turnkey basis, will offer the best facilities in terms of space utilisation, operability and energy efficiency.
Construction work on this asset is scheduled to begin in the second half of 2024 and to be completed in mid-2025.
The facilities will provide warehousing and distribution services in an area of high logistics value in Catalonia. The asset has a total surface area of 111,250 m2, including a warehouse of 107,900 m2 and spacious offices of 3,350 m2. In addition, the warehouse will have a clear height of 11.5 m, allowing for optimal use of space. The warehouse will also feature loading bays and parking spaces.
The new asset will be BREEAM “Excellent” certified, a demanding accreditation that guarantees the property’s sustainability credentials. In addition, the entire site will be equipped with LED lighting and will have a photovoltaic installation with output of 1.1 MW.
This operation consolidates Reus as an area of high value for its economic activity, strategic location, and development into an increasingly attractive market for national and international operators, with a significant economic impact for Tarragona and the Bajo Campo region.
In this transaction, P3 was advised by TADEC for the engineering part, Arcadis for the technical due diligence and HSF for the legal aspects. The selling party was advised by Colliers.
Sandra Guaita, mayoress of Reus, has highly valued the P3 Logistic Parks project in Mas Sunyer and highlighted the work of the municipal administration to facilitate the generation of new economic activity and employment. "The logistics platform will become the most important business location in terms of space occupied in the city and will have a significant economic impact for Reus and its surroundings. In addition, this operation consolidates the city as an area of high value for its economic activity and strategic location, making it an increasingly attractive market for national and international operators", she stressed.
Javier Mérida, general manager of P3 Spain, stressed that this project in Reus will be one of the largest in the company's portfolio and will seek to satisfy demand in Catalonia. "After 4 years of hard work, we at P3 are very excited about the launch of our project in Reus. With this new development, we are strengthening P3's commitment to the logistics market in Catalonia and hope to contribute to improving the low level of availability of logistics space in Barcelona, with quality buildings in strategic locations for regional distribution," he said.
Reus, a location with high strategic value
Reus is located in a strategic area for Catalan and Spanish logistics, in the heart of the Mediterranean Corridor, 5 and 10 kilometres from Reus Airport and the Port of Tarragona, respectively, and an hour's drive from Barcelona. Reus is also directly connected to the AP7, A2 and A7 motorways, while its proximity to the south of France makes this logistics asset even more attractive.
P3, a leading owner in Spain
P3 Logistic Parks started operating in 2016 and specialises in the acquisition and management of high-quality real estate assets. Its portfolio comprises more than twenty active assets totalling 835,000 m2, and a bank of land for development of more than 230,000 m2 of additional space. In addition, the socimi in Spain has a solid client base that includes companies such as Seur, Montfrisa, El Corte Inglés, Correos, Amazon, Airbus, DHL and Groupe CAT.
In this way, P3 continues to cement its position as a leading owner of logistic facilities in Spain, and reinforces its presence in Catalonia where it already owns two assets in Abrera and Parets del Vallés, totalling more than 40,000 m2.
This development is in addition to one announced in Sant Fruitós, in July, where P3 will build a 33,000 m2 logistics warehouse, which is expected to be completed in the first quarter of 2025.