Large international retailer to rent entire logistic park P3 Echt directly after completion, making P3’s first forward-purchase in the Netherlands a success
Rotterdam | 15th December 2021 – P3 Logistic Parks, a leading long-term investor specialized in the development and management of logistics properties in Europe, have signed a long-term leasing agreement with a large international retailer for P3 Echt, a logistic site in the Echt-Susteren region in the South East of the Netherlands. The property is P3’s most sustainable development in Europe and its very first forward-purchase in the Netherlands.
On 6 December 2021, P3 closed the forward-purchase deal and received the keys of P3 Echt. Following the handover, P3 leased the entire approximately 99,000 sqm building to one tenant. Situated on the ‘Businesspark Midden-Limburg’ in the municipality Echt-Susteren close to the German and Belgian borders, P3 Echt is strategically well located for retail business. The logistics property consists of four equally sized units each including a warehouse, mezzanine, and office space. In total, P3 Echt comprises of 84,877 sqm warehousing, 12,685 sqm mezzanine and 1,376 sqm office floor. Cushman & Wakefield and Bridgegap were P3’s appointed leasing agents.
Advised by NL real estate – Knight Frank, Dentons, and C2N, P3 acquired the logistic site in Echt from developer Dokvast Projects B.V. as a forward-purchase deal signed in October 2020 and closed in December 2021. Heembouw started the construction works of this speculative development in the last quarter of last year and completed P3 Echt by the end of November 2021.
Striving to receive a BREEAM-NL “Outstanding” certification for the site, P3 took significant sustainability measures around the P3 Echt’s CO2 administration, monitoring of water usage and waste management, solar panels, advanced installation technologies like energy-saving lighting, and took care of provisions for the surrounding flora and fauna. P3 Echt is P3’s most sustainable development in Europe.
Otis Spencer, CIO at P3 Logistic Parks, comments: “This lease marks a big success for P3, as we were able to fully rent the approximately 99,000 sqm asset to one great tenant right after the development was completed and the forward-purchase deal was closed. This seamless transition shows that our risk evaluation was on point and the anticipated value creation materialized. Going forward, we remain optimistic about opportunities like this one. We will continue to focus on the acquisition of sites with promising potential and located in regions with high occupier demand.”
Léon Vié, Managing Director Netherlands & Belgium at P3 Logistic Parks, adds: “Leasing P3 Echt is our first big deal in the Netherlands and shows the extreme potential of sustainable development projects. Moreover, P3 Echt is the largest speculative developments leased in The Netherlands in the last 15 years. We are proud to succeed in developing facilities of considerable sizes according to high sustainability and innovation standards which enables us to serve international brands.”
P3 currently owns and manages seven logistics sites across the Netherlands, rented out to clients such as Greenyard Fresh, Jumbo, Yamato, Karl Rapp and Cargotech.