P3 Group has announced record operational results and strong financials for the full year 2022. The European investor and developer of warehouse properties increased Gross Asset Value to €8.3 billion, only modestly impacted by a 2.3% valuation decline. Operationally, the company’s portfolio grew to 7.6 million sqm across 11 European countries, registering an all-time high occupancy rate of 98%.
Frank Pörschke, CEO, commented: “P3’s 2022 results reinforce our ambition to be the leading owner, investor and developer of prime logistics and industrial assets across Europe. Structural tailwinds for logistic properties remain intact with strong supply and demand dynamics despite economic uncertainties. Our portfolio value grew to €8.3 billion driven by acquisitions and development despite experiencing, thanks to our prudent, long-term approach, a comparatively low negative revaluation through market-wide yield expansion of just 2.3 %. Building on these strong fundamentals, we will continue to carefully manage our existing portfolio and actively seek attractive growth opportunities, be those developments, individual yielding assets, forward-funding, whole portfolios or even platforms.”
Thilo Kusch, CFO, commented: “Our operating and financial results improved further in 2022, signalling that our long-term, value-driven approach is correct. Following the issuance of our €1.0 billion of green bonds in January last year, we continued to execute our new financing strategy, which is designed to maximize operational flexibility, while maintaining robust credit metrics and a stable S&P BBB credit rating. We similarly deployed prudent policies to control costs and drive efficiency across the platform. ESG has continued to be a focus for us in 2022, and we are happy to publish our first ESG Report in tandem with our financial results, which describes the meaningful progress we have made against our ESG targets and ambition.”
Bartlomiej Hofman, Managing Director at P3 Logistic Parks in Poland, commented: "In 2022, thanks to intensive work on our assets representing 9.6% of the value of the company's total portfolio, we generated a 1.5% increase in the value of assets in Poland, largely driven by continued strong tenant demand. In parallel, we continued our strategy of diversifying our land bank in all key markets in Poland, which already allows us to respond immediately to customer demand in all leading regional markets in Poland. Our competitive advantage stems from our strong local presence combined with our extensive presence in Europe and solid capital position, which allows us to take development risks and close deals quickly."
