Madrid, 9th May 2024 – P3, a leading long-term investor, manager and developer of high-quality European logistics real estate, has purchased a 70,290 m2 plot in Zigoitia (Álava) to build a modular logistics platform of up to 43,027 m2. The project, will be the second largest in the Basque Country and is currently attracting interest in the area. The asset will be located in the heart of the region’s industrial and automotive sector and meet the demands of the regional logistics market.
Named P3 Zigoitia, the asset will be sector-leading in terms of space utilization, operability and energy efficiency for occupants. It will comprise divisible and modular lettable spaces of 20,000 m2, 7,000 m2, 7,000 m2 and 6,000 m2, including office. The building will have a free height of 11.5 metres and feature loading docks and parking spaces.
Construction of P3 Zigoitia is scheduled to begin during the second half of 2024 and to be completed in the second quarter of 2025. Urbanization works are already underway.
The logistics project is targeting a BREEAM “Excellent” rating for sustainability, which a demanding accreditation that guarantees the environmental credentials of the warehouse. In addition, the entire site will be equipped with LED lighting and will have a photovoltaic installation (solar panels). Unlike other similar projects in the area, P3 Zigoitia will be able to adapt to High Risk 7, which directly affects the fire load and the type of product that can be stored.
Javier Mérida, Managing Director of P3 Spain, emphasized that P3 Zigoitia will be the largest logistics platform under construction in the Basque Country. “With this warehouse, we are providing the close city of Vitoria, in Spanish Basque Country, with a modern and innovative building, designed with the highest quality standards. With construction scheduled to begin in mid-2024, this project, one of the largest in the entire region, is emerging as a regional, national and southern European distribution center”.
In this deal, P3 has been advised by LKS for the engineering part, while MAGNA will execute the construction. Preliminary discussions have already been held with interested parties about potential tenancy agreements.
Zigoitia, a strategic location in the Atlantic Corridor
The facilities will be located in a strategic area for the distribution of the Spanish Northern Zone and the South of France: only 12 km from Vitoria-Foronda International Airport, the fourth’s one 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. P3 Zigoitia will have access to road networks with international links such as the AP68, which connects with Bilbao (Basque Country) and Zaragoza (Aragon,) with direct access to the AP-1 and the N-622, which connects with the A-1 Madrid-France.
In addition, the warehouse will be built in an area of high strategic value due to its connection with railway infrastructures as the Atlantic Corridor which, together with the Mediterranean Corridor, will link Spain with regional distribution hubs in Portugal, France and Germany.
P3 is the fifth largest owner of logistics land in Spain
This new development follows recently-announced projects in Sant Fruitós (Barcelona), where the construction of a 33,000 m2 logistics asset has already begun, and in Reus (Tarragona), where a 113,000 m2 warehouse – equivalent to 15 soccer fields – has been announced.
Likewise, P3 already has an asset in this region, in the Itzaga industrial sector of Galdakao in the Basque Country, with a total surface area of 13,987 m2.
P3 began operating in 2016 and specializes in the acquisition and management of logistics assets. Its portfolio consists of 28 assets, totaling 833,000 m2, 190,000 m2 under construction and more than 500,000 m2 for further development. Its solid client base includes companies such as Seur, Montfrisa, El Corte Inglés, Correos, Amazon, Airbus, DHL, and Groupe CAT.