Key Messages
P3 Group S.à r.l recorded a 17% increase in NOI to €493 million (2023: €423 million), attributed to portfolio expansion and increasing rent levels. On a like-for-like basis, NOI rose by 5%, driven by lease indexation and strong re-leasing spreads, with new effective rents averaging 21% higher when compared to prior leases on the same space. An enhanced EBITDA margin of 85% was achieved, reflecting the company’s strategic focus on growth, efficient re-leasing, and operational efficiency.
P3’s asset portfolio grew to ~9.7 million m² of Gross Lettable Area (GLA) (2023: 8.4 million m² GLA), while maintaining an overall high LFL occupancy rate of 98% (2023: 98%). In total, ~1,300 thousand m² were added through acquisitions and completed developments, offset by some minor disposals. The company’s portfolio remains weighted towards Western Europe, with approximately 60% of assets based in Western Europe and the remaining 40% in Central and Eastern Europe.
In the reporting period, P3 completed several key transactions, including 18 yielding assets in Germany, Czechia and Italy, adding approximately ~500 thousand m² to its portfolio. The company completed 23 developments across Europe with a total of ~800 thousand m² GLA. P3 shows continued momentum in the development pipeline with 11 projects under construction, totalling ~410 thousand m² GLA.
Frank Pörschke, P3 CEO, commented: “Despite ongoing economic uncertainties, the structural tailwinds in the logistics real estate sector remain strong. In 2024, we successfully navigated the macroeconomic landscape, achieving rental growth and strategic acquisitions to drive our portfolio value to €10.0 billion. Our ability to maintain high occupancy rates and deliver robust operational performance underscores P3’s resilience and long-term strategic vision. We continue to focus on sustainable growth, operational excellence, and disciplined capital management to create lasting value for our stakeholders.”
Thilo Kusch, P3 CFO, added: “P3 delivered a strong financial performance in 2024, highlighted by a 17% increase in Net Operating Income and further improved EBITDA margin of 85%. These results reflect our disciplined approach to growth, efficient re-leasing strategies, and prudent financial management. We continue to show access to capital with €1.57 billion of new debt raised in 2024, including two significantly oversubscribed Green bond issuances in February and September. We maintained strong liquidity of €1.0 billion at year-end. With a stable capital structure and continued support from our shareholder, we remain well-positioned to drive sustainable growth and long-term value creation.”
2024 Financial Highlights
Further reading
For more information, visit https://www.p3parks.com/investors
NOTES TO EDITORS
P3 is a long-term investor, manager and developer of European warehouse properties with almost 10 million m² of assets under management. P3 has commercial activities in 10 countries and has been investing and developing in European markets for more than two decades. Headquartered in Prague, P3 employs more than 280 people across 11 offices in key European cities, offering integrated development, asset and property management services. For more information about P3, please visit www.p3parks.com
Forward-looking statements
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General
This press release has been prepared by the Company for information purposes only. This press release is an indicative summary of the matters described herein and may be amended, superseded or replaced by subsequent summaries or withdrawn entirely and neither the Company nor the Active and Passive Joint Bookrunners shall have any responsibility to publicly update or notify any other party of any such changes.
This press release is not an offer of securities for sale, or a solicitation of an offer to buy securities, in the United States or any other jurisdiction where to do so would be unlawful. The securities to which this press release relates have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Company does not intend to register any portion of the proposed offering described herein under the applicable securities laws of the United States or conduct a public offering of any securities in the United States.
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Glossary
NOI – Net Operating Income
EBITDA – Earnings Before Income, Tax, Deductions, and Amortisation
GLA – Gross Lettable Area
LTV – Loan to Value