P3: Radical and unexpected events test our adaptability

„Warehousing is ultimately a part of the essential infrastructure of a country. We are open for business and we will continue to seek the expansion of our portfolio with high quality assets in strategic locations” – Sinziana Pardhan, Managing Director, P3 Romania.

What type of adaptive measures the company / your project(s) needed? What were the lessons of this period?

During these exceptional moments, P3 has made a top priority out of the health, safety and wellbeing of its employees and business partners. We have implemented a variety of policies including social distancing, travel restriction, remote work and very stringent hygiene and health measures, allowing only necessary physical interaction. As far as our operations at P3 Bucharest A1 park concern, we have adapted to the changing environment very quickly, ensuring the continuity our activities by making our services usable and accessible, without interruption. Together with our facility management provider we have developed a robust plan tailored to secure the good functioning of our existing warehouses. Under specific precautions and while respecting all protection measures, we implemented a technical maintenance scheme dedicated to guarantee that all activities within the park will continue to unfold under normal parameters.

The global outbreak of the novel coronavirus is creating significant challenges for both leaders and organizations of all sizes. Nevertheless, the impact of lockdown was felt differently by each industry sector. Moreover, with the coronavirus triggering lockdowns and mandatory work-from-home policies around the world, it is only realistic to observe how priorities and consumption habits have changed for many individuals, as well as it is to assume that some of these changes will become part of a new normal. I believe that such radical and unexpected events test our adaptability to new ways of working and to a different business environment, where prudence and perseverance become modus operandi.

Our culture as an organization, and our drive as professionals, helped us learn how to face this extreme situation and quickly adapt to the new reality. For P3, it is very important to stay connected to the market, to its requirements, and to the transformations that our clients and partners go through, to be able to meet our customer needs.

What is the status of your current project(s) and investments planned for 2020-2021?

The current projects and development plans of P3 Romania continue to advance at the same pace as before the health crisis. We are open for business and we will continue to seek the expansion of our portfolio with high quality assets in strategic locations. We are a long-term investor-developer with the vision and financial strength to realize long-term value opportunities and we have a positive perspective about the evolution of our sector beyond the limitations caused by this health crisis. We are however viewing with caution the immediate future and are staying close to the market to understand what the new normal will be and the limitation and opportunities this might bring.

Which are the advantages of your business and products, going forward?

Warehousing is ultimately a part of the essential infrastructure of a country. Whether through stores or direct delivery, all products that reach the population pass through a warehouse. Around 60% of our tenants are operating in the food and e-commerce related businesses so before and during the lockdown period we have seen a large increase in activity inside our P3 Bucharest A1 Park. We expect both segments to perform well in the coming period and for e-commerce we expect to see lasting effects from the demand perspective resulting in additional warehousing needs, which we are in a very good position to fulfill.  Moreover, we are fortunate to have a strong and stable shareholder which allows us to access long-term, stable capital for our future development strategy in Romania.

What transformations you expect in your sector, their effects for the Romanian economy and in a regional perspective?

There are a few major topics that are very much discussed within the industry that could, but only time will tell to what degree they will materialize. On one hand, there is the accelerated adoption of e-commerce and on the other hand there is the desire to diminish the risks in the supply chain and bring production closer to home. There are also discussions about increasing the safety stock to ensure the ability to deliver products in case of external shocks as well as de-centralizing the logistic networks however both of these would have high cost implications and companies will weigh very carefully the risk/cost tradeoff for such decisions as well so it is unclear which trend would prevail.

What is your message to clients and partners?

We would like to reassure our clients and partners that P3 continues to be the same long-term, reliable partner and even though we are living difficult and challenging times, we are prepared to meet their needs. Responsibility will help us prevail and together we can see to safeguard the continuity of our businesses, while supporting the country’s economy.

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An article published in the exclusive supplement –  “Market pulse report, Romania – The new normal” | June 2020

A property market tour, including major cities, with projects status and updated opportunities at the end of the lockdown in Romania – June 2020. | Essential news with the current status of further investments, clients and partners relations, new priorities for the post crisis cycle. | B2B communication report – to help you mark your statements during the changes period.

Content partner: Crosspoint
Partners: CA IMMO, Catted Business Park, Cluj Business Campus, Vox Property Group

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