Bilbao, 29 January 2025 - P3, a long-term investor, manager and developer of European real estate, has completed the construction of the structure of its development in Zigoitia (Álava). The new logistics park, located in Etxabarri Ibiña, will be the second largest in the Basque Country and is scheduled for completion in the second half of 2025.
The project, whose works are progressing according to plan, will consist of a modular platform of up to 43,027m2 on a plot of 70,290m2. With all the pillars in place and the structure in place, construction work is more than 30% complete. MAGNA Industrial is leading the development and construction of the warehouse, which will be divisible and modular in spaces of 21,000m2, 8,000m2, 7,000m2 and 6,000m2, in addition to the offices.
In addition, the real estate consultants CBRE and Azet are in charge of marketing P3 Zigoitia. Preliminary conversations have already been held with potential interested parties.
Luis Gimenez, from P3 in Spain, explained that "we are going to promote a new project in Vitoria, in a market like the Basque Country, which has an old stock; a potential demand driven by industry, automotive and 3PL operators; and an interesting border effect with France and the rest of the European markets. As a leading logistics asset developer in Europe, we firmly believe that our project will be very successful".
For his part, Javier Pérez of MAGNA, highlighted that "it is a multi-tenant logistics platform with the capacity to house up to 4 tenants and which has the latest adaptations to the new fire regulations in industrial establishments, offering a high risk 7. It will be delivered with the latest market specifications such as high resistance flooring, natural and LED lighting, high watertightness roofing, as well as a large available electrical power".
Alejandro Izquierdo from Azet, emphasised that "P3 Zigoitia is located in a privileged area within the area of influence of Vitoria. It has unbeatable direct access to the capital of Alava, as well as to the main infrastructures in the north of the Iberian Peninsula. The warehouse also stands out for its proximity to the fourth most important cargo airport in Spain".
Finally, Enrique Cuevas of CBRE, concluded that "the new state-of-the-art P3 development in Zigoitia will become a reality at a time of growing activity in the province of Alava and the Basque Country. At CBRE we are seeing that logistics operators, industries, end users and retailers are actively looking for increasingly demanding logistics spaces, both in terms of quality, sustainability and adaptability".
P3 Zigoitia, at the forefront of logistics in the Basque Country
The logistics platform will be one of the most modern in the Basque Country and will offer the best facilities in terms of space utilisation, operability and energy efficiency to its tenants.
It will have BREEAM Excellent certification, a demanding international accreditation that guarantees the sustainability of the building. The entire site will be equipped with LED lighting and will have a photovoltaic installation with a power of up to 428 KW.
P3 Zigoitia, unlike other projects in the area, will be able to adapt its facilities for High Risk 7, which directly affects the fire load and the type of product that can be stored.
Zigoitia, a strategic enclave
P3 Zigoitia is located in a key area for the distribution of the north of the peninsula and the south of France: just 3.5 km from Vitoria-Foronda International Airport, the fourth with the highest volume of goods transported in Spain, 70 km from the Port of Bilbao and in the heart of the regional transport hub.
The logistics park has direct access to infrastructures such as the A-1, the AP-1 and the N-622, which connects with Bilbao. It also has excellent connections to the main railway infrastructures, such as the Atlantic Corridor and the Mediterranean Corridor, which links Spain with regional distribution hubs in Portugal, France and Germany.
Find out here the exact location of P3 Zigoitia. P3 already has an asset in this region, in the Itzaga industrial sector of Galdakao (Basque Country) with a total surface area of 13,987m2.