Frank Pörschke is currently a member of several supervisory boards of investment companies and fund managers in the European real estate industry. His previous roles include President EMEA Markets at JLL, CEO of Eurohypo and CEO of Commerz Real. His background in the European real estate industry, acquisitions and financing, as well as his extensive leadership experience will help to strengthen P3 for further growth and excellence in the highly competitive European logistics market.

P3 has already grown significantly over the past twelve months. Through acquisitions with a volume of more than 2 billion euros, the real estate portfolio has grown by around 48 percent to around 6.5 million square meters of rental space. Pörschke's appointment is part of a strategic plan for P3's transition to the next phase of growth.

Goh Kok Huat, Chairman of P3 Logistic Parks, said: "I would like to thank Tim Beaudin for his leadership during a period of unprecedented economic and social change and wish him all the best for the future. I am delighted that Frank Pörschke is coming on board as the new CEO of P3. Together with the P3 management team, he will continue to build on the company's successes and drive forward its expansion plans in Europe."

Dr. Frank Pörschke, future CEO of P3 Logistic Parks, comments: "P3 is excellently positioned in an extremely attractive market segment. I look forward to working with P3's highly qualified management team and leading the company into the next phase of growth."

Tim Beaudin, CEO of P3 Logistic Parks, said: "It has been a pleasure and a privilege to serve as Chairman and CEO of P3. I would like to thank the P3 Supervisory Board for their great support, the P3 executive and management team for their expertise and commitment, and all P3 employees for their dedication and reliability. I wish the P3 team under the leadership of Frank Pörschke every success."

Lee Kok Sun, Chief Investment Officer, GIC, said: "We thank Tim Beaudin for his leadership and contribution to the team's success and wish him all the best for his next steps. Frank is an experienced and strategically aware leader with a proven track record of managing and growing businesses in Europe. He has a clear understanding of P3's strategic vision and will work closely with the management team to realize it. As an owner and long-term investor in P3, we have confidence in the leadership team and will support the company's continued growth in Europe."