P3 Logistic Parks has been very active in the European logistics market. What investment and growth opportunities are you targeting at Expo Real this year?

'At Expo Real, we’re actively seeking opportunities to deploy our capital across the 10 countries where we operate. Our focus remains on both acquisitions and development activities to expand our portfolio. We are looking to build our landbank for future growth, whether through greenfield or brownfield projects. Additionally, we're exploring redevelopment opportunities to bring assets up to the highest ESG standards, which is a major focus for us. With our strong financial backing and in-house operating platform, we offer what we call ‘certainty of closing,’ which is critical in today’s market.

In 2024, we've already closed three yielding acquisitions, totalling 438,000 m², and completed two forward purchases in the Netherlands for an additional 100,000 m². We are well-positioned to chase opportunities, whether it's smaller local portfolios, individual assets, or larger portfolios.'

P3 has continued to grow despite market headwinds. How are you navigating current challenges, and what are your priorities for development in 2024?

'While the logistics market faces economic uncertainties, leading to a slowing demand for space, the sector’s structural tailwinds, driven by e-commerce growth and nearshoring, remain strong. This environment has required a more disciplined approach to investment and development, with a focus on high-return, low-risk opportunities. That said, we've accelerated our development activities, with approximately 790,000 m² currently under construction across 19 assets, 59% of which are pre-let.  We also develop on a speculative basis to offer tenants shorter term opportunities.

We are also prudently managing our development risk. Our projects typically have an average construction period of 9-12 months, allowing us to deliver swiftly to meet market demand. In the first half of 2024, we’ve already completed 11 assets, totalling 308,000 m². These efforts, in connection with increasing rent levels, have contributed to our strong financial and operational performance in the first half of 2024, where we continued to grow profitably, maintaining stable leverage and improving our profitability metrics. Our portfolio value now stands at €9.4 bn (2023: €9.0 bn), while our net operating income (NOI) increased by 16% to €237 mln (2023: €205 mln), driven by like-for-like growth of 4%, acquisitions and completed developments.'

Sustainability is a key concern in logistics real estate. How is P3 driving its ESG strategy across its portfolio?

'We have made significant progress on our ESG commitments. All new developments are targeting BREEAM Excellent or an equivalent certification, ensuring we meet the highest environmental standards from the start. For our existing portfolio, 76% is already BREEAM-certified as Very Good or higher, and 81% of our buildings are equipped with energy-efficient LED lighting. We’re also rapidly expanding the use of renewable energy in our properties, with the goal of increasing our onsite renewable energy capacity to 100MWp by 2027. Currently, we have around 64.1MWp of solar capacity, and we’re on track to meet our target.

On the operational side, we are implementing a comprehensive ESG data system to track our progress and are preparing for regulatory compliance, including P3’s first CSRD reporting. During 2024, we also took major steps in our sustainability journey with two successful green bond issuances in February and September, totalling €1.1 bn.

Our commitment to ESG goes beyond compliance, it’s about future-proofing our portfolio and ensuring that we’re minimizing our environmental footprint while delivering long-term value to our tenants and stakeholders. With 8.9 million m² of GLA across Europe, we are confident that our ESG strategy will continue to enhance both our operational performance and the sustainability of our assets.'