P3 Group S.à r.l recorded a 17% increase in NOI to €493 million (2023: €423 million), attributed to portfolio expansion and increasing rent levels. On a like-for-like basis, NOI rose by 5%, driven by lease indexation and strong re-leasing spreads, with new effective rents averaging 21% higher when compared to prior leases on the same space. An enhanced EBITDA margin of 85% was achieved.
P3’s asset portfolio grew to ca. 9.7 million sqm of Gross Lettable Area (GLA) (2023: 8.4 million sqm GLA), while maintaining an overall high LFL occupancy rate of 98% (2023: 98%). In total, ca. 1,300,000 sqm were added through acquisitions and completed developments, offset by some minor disposals. The company’s portfolio remains weighted towards Western Europe, with approximately 60% of assets based in Western Europe and the remaining 40% in Central and Eastern Europe.
In the reporting period, P3 completed several key transactions, including 18 yielding assets in Germany, Czechia and Italy, adding approximately ca. 500,000 sqm to its portfolio. The company completed 23 developments across Europe with a total of about 800,000 sqm GLA. P3 shows continued momentum in the development pipeline with 11 projects under construction, totalling ca. 410,000 sqm GLA.
Frank Pörschke, P3 CEO, commented: “Despite ongoing economic uncertainties, the structural tailwinds in the logistics real estate sector remain strong. In 2024, we successfully navigated the macroeconomic landscape, achieving rental growth and strategic acquisitions to drive our portfolio value to €10 billion. Our ability to maintain high occupancy rates and deliver robust operational performance underscores P3’s resilience and long-term strategic vision. We continue to focus on sustainable growth, operational excellence, and disciplined capital management to create lasting value for our stakeholders.”
Thilo Kusch, P3 CFO, added: “P3 delivered a strong financial performance in 2024, highlighted by a 17% increase in Net Operating Income and further improved EBITDA margin of 85%. These results reflect our disciplined approach to growth, efficient re-leasing strategies, and prudent financial management. We continue to show access to capital with €1.57 billion of new debt raised in 2024, including two significantly oversubscribed Green bond issuances in February and September. We maintained strong liquidity of €1 billion at year-end. With a stable capital structure and continued support from our shareholder, we remain well-positioned to drive sustainable growth and long-term value creation.”
