Italy led the growth of European real estate developer P3 in 2025. The announcement was made on 12 November 2025 by Andrea Amoretti, Managing Director of the Italian branch, during the company’s annual end-of-year press briefing. He outlined the results for 2025: the national portfolio reached 1,150,000 square metres, of which 770,000 square metres are directly managed, while ongoing construction sites amount to 200,000 square metres. Future development includes a further 450,000 square metres of land ready to be converted into new logistics hubs, with an occupancy rate holding steady at around 99%.
The year is also closing on a positive note across the rest of Europe, where P3 has reached the €10 billion asset value target set at the launch of its new corporate strategy. The group operates in ten countries and manages more than 10.1 million square metres of properties, with a land reserve of 3.5 million square metres earmarked for future developments. Amoretti confirmed that the strategic vision remains focused on sustainable growth from an economic, environmental and social standpoint. The share of environmentally certified assets has risen to 84%, up from just over 70% the previous year. The next target is €20 billion in asset value, supported by a long-term investment approach and consolidation in the main continental markets.
Back in Italy, the strategy remains centred on investments in areas considered strategic for logistics operators, regardless of geographical location. Expansion is driven by the acquisition of existing properties and by developing new space through the conversion of land or disused industrial areas. These projects include both build-to-suit assets designed for specific operational needs and speculative developments, where leasing progresses in parallel with construction.
During the year, P3 identified new opportunities, including the Cittadella hub in the province of Padua, enhanced by direct access to the Pedemontana Veneta expressway, and the Ferentino area in southern Lazio, where demand from retailers combined with proximity to Rome has opened up new prospects. In Cittadella, the company delivered a 74,582-square-metre build-to-suit warehouse, while in Ferentino it launched a project covering around 70,000 square metres, with further expansion planned for an additional 65,000–70,000 square metres.
Amoretti highlighted examples of the social sustainability focus embedded in recent projects. In Calvenzano, in the province of Bergamo, P3 completed more than 25,000 square metres of new space while also contributing to the restoration of an ancient tower and nearby public areas. In Altedo, near Bologna, the company redeveloped a former industrial site and co-funded a public transport service, also supporting the scientific publication of archaeological findings uncovered during construction, including a medieval mill.
For future developments P3 is relying on the Giano fund, which completed several major acquisitions in 2025. In Castel Gabbiano, in the province of Cremona, plans are under way to build a 22,000-square-metre hub with direct access to the A35 motorway, while a second acquisition was completed in Treviglio, near Milan and also close to the A35, in an area regarded as one of northern Italy’s key industrial clusters.
The group aims to strengthen operational excellence through the vertical integration of in-house expertise, from land selection to development and asset and property management. Christian Motola, Head of Asset & Property Management, explained that “the Property division at P3 is expanding, with the aim of continually improving the service we offer our clients. We have integrated internal skills with a new approach that allows us to deliver an excellent customer experience; a core element of P3’s strategic vision, which has always been geared towards offering clients comprehensive support across a wide range of sectors”.
