P3 Logistics Park Takes Over 160,000 sq m Area in Cittadella for its Greenfield Development

P3 Logistic Parks, a developer and owner of logistics real estate based in Prague, and 100% controlled by GIC (sovereign wealth fund of the Singapore government), has acquired a 160-thousand-square-meter plot of land (with GLA up to 86,325 square meters) in Cittadella (Padua), at the Zitac Logistics District, where it will build a new large-scale warehouse.

For P3 this is the second greenfield development in the Veneto region, after the 189,000 sq m logistics hub built in 2020 for Amazon in Castelguglielmo (Rovigo).

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P3 Logistics Park was assisted for all permitting phases by MATLEY attorneys and Studio SAP, and by DILS and Prelios Agency for the acquisition

The identified area is located just 25 minutes from Verona, 30 from Padua, and 40 from Treviso, at the crossroads of the Mediterranean and Baltic-Adriatic logistics corridors, benefiting from direct access to the new Veneto Piedmont expressway connecting Vicenza and Treviso via the Bassano del Grappa toll booth (10 minutes away).

The warehouse will have an under-beam height of 12 meters, according to the latest dictates in sustainability and the industry’s most authoritative certifications (Breeam Excellent), including a photovoltaic roofing system. Once built, the site will be able to meet the needs of operators of all sizes, allowing both intensive storage and a high flow of goods, thanks to the extreme flexibility and availability of the double front, more than 82 loading bays, more than 100 car parking spaces, and more than 65 truck parking spaces.

Founded in 2002, P3 Logistics Park is a long-term investor, developer, and owner of warehouses in Europe

Its best-known clients include Mercedes, Ikea, Carrefour, Airbus, PepsiCo, and DHL. In 2022, the company increased its gross asset value (GAV) to 8.3 billion euros, against a modest 2.3 percent decline in valuations. On the operational side, its portfolio grew to 7.6 million sq m in the 11 countries in which it operates, and a large land bank of 1.9 million sq m is available for future development, reporting an all-time high of 98% occupancy rate.

In Italy alone, during 2022 P3’s portfolio increased to 670,000 sq m (up 60 percent from the year before), with new developments planned for more than 260,000 sq m and an occupancy rate close to 100 percent.

Andrea Amoretti, managing director of P3 Italia, said, “The real estate transaction in Cittadella consolidates our presence in an excellent and strategic logistics market such as the Veneto region, and we thank our partners and counterparts, in particular Lawyer Andrea Bertollo and Arch. Alberta Arvalli of ZITAC. We are confident of the high potential of this site due to its unique characteristics of location, accessibility, breadth, and absolute flexibility. A unique asset in the Northeast market, which we believe can attract a wide range of tenant types, both local and international.”

Among the latest investments, last November P3 announced the construction of a 24,300-square-meter fractionable facility in Calvenzano (Bergamo), with dedicated office space, 12-meter height under beam, and 24 loading bays. The group had taken over the entire development area from Officine Mak, a company that since 2003 has been dedicated exclusively to real estate activities in the residential, commercial, and logistics sectors, especially for the redevelopment of brownfield sites.

By June 2022, on the other hand, P3 had completed work on the new Amazon distribution center in Ardea (Rome), a 46,500-square-meter facility (on a 118,879-square-meter site with sustainable impact), powered through solar panels and energy-saving systems. Also for Amazon, last October P3 had instead also completed the new distribution center in San Salvo (Chieti), the largest in central and southern Italy developed.

Recall also that the company had announced in February 2021 a change at the top with the appointment of Frank Pörschke as the new CEO, replacing Tim Beaudin, who left the post following a planned handover. Pörschke’s appointment was part of a strategic plan to transition P3 to the next phase of development.

A few weeks earlier, Giuliano Casale and Tomaso Carta had been appointed head of the development and implementation areas for Italy, respectively, while Amoretti’s appointment as managing director of P3 for Italy dates back to April 2021, a role previously held by Jean-Luc Saporito, who after more than six years relinquished the helm of the Italian subsidiary to focus on European business development, before taking over the helm of our country’s market again for the California-based giant Panattoni in February 2022.

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(Featured image by natannan23 via Pixabay)

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