Monday, 9 March 2026
P3 Group reported increased revenues and continued expansion of its logistics portfolio in 2025, supported by leasing activity, development completions and acquisitions across Europe.
The Luxembourg-based logistics property owner said the value of its portfolio reached €10.8 billion at the end of 2025, compared with €10.0 billion a year earlier. The increase was driven by new investments and development activity, alongside modest valuation growth linked to higher rental income and stable yields.
P3’s portfolio comprises approximately 10.2 million square metres of logistics space located across ten European countries and leased to more than 490 tenants.
Net operating income rose to €544 million in 2025, up from €489 million in the previous year. The company attributed the growth to portfolio expansion as well as rental adjustments linked to indexation and lease renewals. Leasing activity during the year covered around 1.5 million square metres, while rental levels on newly signed agreements increased compared with previous contracts.
Occupancy across the portfolio remained high at 96.3 percent at the end of the year. The company also reported that it collected 99.4 percent of rent due from tenants during the period.
P3 continued its development programme during the year, completing seven projects that were largely pre-leased by the time of delivery. At the end of 2025 the company had 13 logistics projects under construction in seven countries, representing around 496,000 square metres of additional space.
The company also reported progress in sustainability measures, stating that the majority of its portfolio now meets internal environmental criteria and that its ESG risk rating has improved according to external assessments. A revised framework for green financing was introduced in early 2026 alongside updated sustainability reporting.
Financial indicators remained broadly stable. The group reported a loan-to-value ratio of 46.7 percent and liquidity of around €1.6 billion. The interest coverage ratio improved during the year, supported by operating income growth and a lower average cost of borrowing.
P3 also accessed capital markets through two green bond issues. In October 2025 the company issued €500 million in bonds with a maturity of 7.5 years, followed by a further €350 million issuance in January 2026 with a maturity of just over five years.
Chief Executive Officer Frank Pörschke said the company’s performance reflected strong demand for logistics properties across Europe despite continued economic uncertainty. He noted that factors such as changes in supply chains, growth in e-commerce and the need for modern warehouse facilities continue to support the sector.
Chief Financial Officer Thilo Kusch said the company’s financial results were supported by disciplined investment decisions, rent adjustments and the contribution of newly acquired and developed properties.
According to Chief Investment Officer Chris Zeuner, P3 continued to expand its platform during 2025, adding more than 800,000 square metres of logistics space through acquisitions and completed developments, particularly in Western European markets. He added that the company remains active in both development and acquisition opportunities across the region.
