Capital Bay receives property management mandate from P3 for five logistics properties with more than 230,000 square metres of lettable space in Germany

South Germay, 25. October 2023

Berlin, 25 October 2023 - Capital Bay Group (Capital Bay), an internationally active investment, asset, property and facility manager integrated at all stages of the value chain, is entrusted with a management mandate for five logistics properties in southern Germany by P3 Logistic Parks (Singapore's sovereign wealth fund GIC). On behalf of P3, Capital Bay will take over the technical and commercial property management and the warranty monitoring. The properties are let on long-term leases and have a total lettable area of more than 230,000 square metres. In 2020, Capital Bay was already entrusted by P3 with the property management for a portfolio of 32 Metro Cash&Carry stores, for which Capital Bay previously acted in a sales-related capacity.

"Our recent acquisitions of five state-of-the-art logistics properties mark an important step for our further expansion in the German market," said Sönke Kewitz, Managing Director of P3 Germany. "We are pleased to have Capital Bay as our partner for these assets and are confident that their expertise and flexibility will help to best manage and further optimise our new properties."

"The renewed mandate from P3 Germany demonstrates confidence in our experience and expertise and fits perfectly into our diversification strategy to also grow in the logistics use type," said Oliver Müller, COO of Capital Bay. In addition to the classic tasks of technical and commercial property management, Capital Bay will also take over warranty tracking. "With P3 Germany, we have been able to convince a renowned and leading logistics property developer of the quality of our services."

"As part of our management mandate for the Metro Cash&Carry stores, we were able to profitably apply our technical know-how and our many years of commercial expertise and continue to successfully implement the value enhancement strategy with P3 Germany," added Gottfried Drescher, Head of Logistics & Retail Management at Capital Bay. "The trusting cooperation with P3 resulted in the renewed mandate, this time in the area of logistics."