Valencia, Spain – 28th September 2023 - P3 Spain has purchased two warehouses in the municipality of Picassent from its owner and current occupier, Improving Logistics, which is the largest logistics operator in Valencia, by leased surface area. The logistics centre consists of two warehouses of 7,000 m2 and 17,000 m2 and meets the highest standards of quality and operability.
The warehouses are located in the La Coma Industrial Estate, in Picassent, just 18 km from Valencia, in one of the most important urban distribution hubs in the region. Moreover, it is a key area with a major role in logistics, as a cluster for suppliers to the Ford Motor Company hub in Almussafes. Both warehouses have direct access to the A7 and V31 motorways, providing maximum accessibility.
The first of the warehouses was delivered in June 2023, with an area of 17,000 m², including 16,000 m² of warehouse space and 1,000 m² of office space, as well as 24 loading bays and a clear height of 11.2 m. The second warehouse, which was delivered in August 2023, has a total surface area of around 7,000 m², with 6,550 m² of warehouse space and 420 m2 of office space, and a clear height of 11.2 m, allowing for a high level of space utilisation. In addition, the warehouse has 8 loading bays.
The logistics assets are designed to meet the BREEAM “Very Good” quality standard. Both sites are equipped with LED lighting and will have photovoltaic installations with outputs of 100 KW and 70 KW, respectively.
Javier Mérida, Managing Director of P3 Spain, said: “With this partnership with Improving Logistics, one of the leading logistics operators in the region, we strengthen P3's commitment to the Valencian logistics market. This project contributes to the modernization of the region’s existing park with quality buildings in strategic locations for regional distribution”.
For this sale and lease back transaction with Improving Logistics as a tenant, P3 was advised by Arcadis for the technical due diligence and HSF for the legal aspects. The selling party was advised by CBRE.