MIPIM 2016: P3 will not be sold or floated in the near future, according to the company’s chief executive Ian Worboys.
The pan-European logistics investor and developer is owned by private equity firm TPG and Canadian investor Ivanhoe Cambridge, having been acquired in 2013 from Arcapita, but Worboys said that the duo are not looking to exit just yet.
“Anyone who knows the IPO market knows it is not the right market and on a sale it is something we will do eventually but there is no sales process at the moment,” he said.
Worboys is broadly looking to expand the business by around 54m sq ft over the next three years and is considering entering both the UK and Spanish markets, diversifying away from its traditional turf in Eastern Europe.
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