P3 Group portfolio value grows to €10.8b in 2025

P3 Group saw its portfolio value in 2025 rising 7% to €10.8 bn and net operating income up 11% to €544 mln, supported by portfolio expansion and continued rental growth. 

P3

Leasing activity remained robust with 1.5 million m² leased in 2025 and a 7% uplift on new rents, while both the occupancy rate and EBITDA remained stable at 96.3% and  85%, respectively.
The logistics developer and owner delivered seven new projects, which at the end of the year were already 87% leased and valued at 29% above development cost. It continued expanding its pipeline with 13 projects under construction across seven European countries, totalling around 496,000 GLA.
Alongside this, the company strengthened its credit profile and recently issued two oversubscribed green bonds for a total of €800 mln.
P3 operates a logistics portfolio with a 10.2 million m² gross lettable area, diversified in 10 European countries with over 490 tenants.
Frank Pörschke, P3 CEO, commented: “2025 was a year of resilient performance and disciplined execution for P3 with strong operating results, high occupancy and continued income growth. Despite ongoing macroeconomic uncertainty, structural tailwinds in the logistics sector remain intact, underpinned by supply chain reconfiguration, e-commerce and long-term demand for modern, sustainable warehouse space. Customer centricity remains at the core of our strategy.”
Thilo Kusch, P3 CFO, said: “P3 delivered strong financial results in 2025, with net operating income increasing by 11% to €544 mln and an EBITDA margin of 85%, showing the efficiency of our platform. Growth was driven by disciplined capital allocation, rental indexation, positive re-leasing spreads and contributions from acquisitions and developments. Our investment-grade balance sheet, strong liquidity position and continued access to capital ensure we remain well positioned for continued profitable growth while maintaining financial discipline.”
Chris Zeuner, P3 CIO, added:  “P3 remains firmly in net growth mode. While disposals are a natural part of disciplined capital recycling in a mature platform, we continue to be an active buyer and developer across Europe. In 2025 alone, we added more than 800,000 m2 through acquisitions and completed developments, further strengthening our footprint, particularly in Western Europe. With our strong access to debt capital and backed by a stable long-term shareholder, we provide certainty of closing and the flexibility required in today’s market.”