Czech group P3, a specialized investor, developer and manager of European logistic properties, started in late-September the speculative construction of a new building within the P3 Bucharest logistics park.

The 28,000 sqm warehouse is the first building P3 develops in Romania after it purchased the P3 Bucharest park in early-2015 from Austrian group CA Immo. The new building, which is to be completed by April 2016, will be built on a plot of 6 hectares and will be available for lease in the coming period, according to a company statement.

P3 Bucharest, located on the A1 highway, is the largest logistics park in Romania, consisting of 215,000 sqm of almost fully let spaces and 40 hectares of land for development. Its main tenants are Carrefour, Tibbett Logistics, Gebruder Weiss, eMag, and Interbrands. The park's value was estimated at some EUR 120 million.

“P3 Bucharest park’s expansion will allow us to meet the demand for sustainable and large storage facilities on the Romanian market, which is constantly growing. We believe that this strategy will be attractive to our customers,” said Peter Bečár, managing director P3 for Central and Eastern Europe, and managing director P3 Romania.

“We started the process of obtaining the permits for the development of new buildings on the existing land right after the acquisition process for the P3 Bucharest park was completed,” said Laurentiu Duică, head of leasing P3 Romania.

P3 is owned by TPG Real Estate and Ivanhoé Cambridge. Active throughout Europe, P3’s portfolio of assets comprises 144 distribution centers with a total of 3 million sqm of logistic space, in 9 countries.

Investment fund P3 buys logistics parks in Romania, Poland.

Prologis sells logistics park near Bucharest to Czech group CTP

Irina Popescu, irina.popescu@romania-insider.com