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BUDAPEST, Hungary, Aug 08, 2005 /PRNewswire-FirstCall via COMTEX/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities and services, today announced that the ProLogis European Properties Fund has acquired the 1.1 million-square-foot (101,987 m2) Harbor Park in Budapest. The acquisition doubles the size of ProLogis' portfolio of properties owned and under development in Hungary to 2.1 million square feet (197,790 m2) by adding nine distribution facilities, all of which were developed in the last four years.
Robin P.R. von Weiler, ProLogis' managing director for Northern and Central Europe, said, "We are very pleased to have completed this acquisition making ProLogis the leading owner and developer of distribution space in Hungary. This particular park is one of the finest in the country, it is in a prime location, and it is a valuable addition to our portfolio, enabling us to offer additional distribution opportunities for our customers."
The park is located on the southern border of Budapest, just 7 miles (12 km) south of the central business district and adjacent to the Danube River. The national road N6 provides access to ProLogis Harbor Park and connects with Budapest's M0 ring road less than two miles (2.5 km) from the park. The M0 is being extended and will provide direct access to the airport when complete. The future M6 motorway, due for completion by early 2007, will provide the park with additional highway access.
Customers at ProLogis Harbor Park that also lease space at other ProLogis facilities include Schneider Electric (parent company of Schneider Electric Hungaria) and Pactiv Corporation (Pactiv Hungary Kft.). Other customers include Chinoin (Sanofi Synthelabo Group), Rewico Group Istersped, and Budapest Papir.
ProLogis Harbor Park has an additional development potential of approximately 538,000 square feet (50,000 m2), which would increase the total size of the park to 1.6 million square feet (151,968 m2).
About ProLogis
ProLogis is a leading provider of distribution facilities and services with 321 million square feet (30 million m2) in 2,079 distribution facilities owned, managed and under development in 76 markets in North America, Europe and Asia. ProLogis continues to expand the industry's first and largest global network of distribution facilities with the objective of building shareholder value. The company expects to achieve this through the ProLogis Operating System(R) and its commitment to be 'The Global Distribution Solution' for its customers, providing exceptional facilities and services to meet their expansion and reconfiguration needs.
SOURCE ProLogis
Media, Rick Roth, +1-303-576-2641, rroth@prologis.com, or Shannon McCorison, +1-303-576-2759, media@prologis.com, or financial, Melissa Marsden, +1-303-576-2622, mmarsden@prologis.com; or Suzanne Dawson of Linden Alschuler & Kaplan, Inc., +1-212-329-1420, sdawson@lakpr.com, for ProLogis
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