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P3 Logistic Parks Acquires Land in Illescas

The socimi, controlled by the Singaporean sovereign wealth fund, has acquired an 80,000-m2 plot of developable land in Illescas to build a 55,000 m2 turnkey project.

P3 Logistic Parks, a logistics projects developer, has finalised the acquisition of a plot of land and is on the lookout for other potential investments within its strategy.

The company has acquired an 80,000-m2 plot of developable land in Illescas (Toledo). P3, owned by GIC Private Limited, Singapore’s sovereign wealth fund, plans to develop a 55,000 m2 turnkey project on the site, to be marketed by BNP Paribas.

According to Javier Mérida, P3 Logistic Parks’ general manager in Spain, the management company currently has an occupancy rate of 95%, more than 620,000 m2 of gross leasable area in the Spanish market, some 180,000 m2 in development opportunities and 135,000 m2 under development.

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