P3 tripled its construction volume y-o-y in 2016, and its overall lease volume increased by a third to 1.26 million sqm, bringing the occupancy of its parks in Europe to 95 percent. P3 now ranks second on the Czech logistics property market with more than 1 million sqm of complete warehouse space in its Czech portfolio. The developer secured refinancing for its Czech and Slovak activities, worth €1.4bn, from a consortium of five banks, following its 100-percent takeover by the Singaporean sovereign investment fund GIC. The entry of an investor with an investment horizon of 20 years opens the way to more long-term planning and land acquisitions, says Peter Bečár, managing director for the CEE region. For 2017, P3 plans to build an additional 500,000 sqm of warehouse space, with half of it to be located in Central Europe and half in Western Europe. In the Czech Republic, it has construction permits for 177,000 sqm of new warehouse space.
