P3 Logistics Parks
P3 completes forward purchase of 98,000 sq m warehouse in Echt-Susteren, Netherlands.
The long-term owner and developer of logistics properties P3 Logistic Parks has completed the forward purchase of a 98,000 sq m warehouse in the Echt-Susteren region of the Netherlands from developer Dokvast. In line with P3’s sustainable development goals, the property will target BREEAM level “Outstanding” – the highest level of BREEAM certification available.
Dokvast bought the plot of 136,600 sq m from Ontwikkelingsmaatschappij Midden-Limburg B.V., developer of the business park Midden-Limburg. It is located just 4 km from the Echt-Susteren municipality, which borders Belgium in the west and Germany in the east. Due to its excellent location in the south-east of the Netherlands and the strong occupier demand in the country, the asset is especially ideal for large 3PL and eCommerce providers. Building specifications include a solar panel installation on the roof, 12.2 meters clear height, 82 electronically operated loading docks, and ESFR-certified sprinkler system. Works are already underway on the project by General Contractor Heembouw, with completion expected in Q4/2021.
Otis Spencer, CIO of P3 Logistic Parks: “In order to further drive our growth in Europe, we are currently focusing on the acquisition of large, investment-grade European logistics portfolios or attractive single assets like this forward-purchase of the Echt-Susteren property in the Netherlands. The developer on this project, Dokvast, have excellent experience with constructing high-quality, BREEAM-certified buildings. We have every expectation that the quality of the building and location will appeal to major 3PLs or eCommerce players.”
Jos Klanderman, Managing Director Dokvast: “Dokvast will execute their 6th BREAAM ‘Outstanding’ distribution center in the Netherlands and is pleased to develop this turnkey building in close cooperation with P3.”
Municipality Echt-Susteren alderman Geert Frische (economics) is very glad about this development: “It is not only a sustainable asset to our business park ’Midden-Limburg’. It also creates employment opportunities in the municipality Echt-Susteren and the whole region around us.”
P3 has been advised by NL real estate – Knight Frank, Dentons and C2N. Dokvast was advised by Raimond Weenink Bedrijfsmakelaardij.
