Prologis Signs Two Build-to-Suit Agreements in Europe Totaling Nearly Half a Million Square Feet
SAN FRANCISCO, Jan. 27, 2014 /PRNewswire/ -- Prologis, the leading global owner, operator and developer of industrial real estate, today announced it has signed two build-to-suit agreements totaling 493,500 square feet (45,800 square meters) in the United Kingdom.
The agreements include:
- A 262,500 square foot (24,400 square meter) logistics facility at Prologis Park Littlebrook in Dartford. The new building has been designed to support the customer's road freight operations and will complement their existing distribution facility at Prologis Park Midpoint in the West Midlands; and
- A 231,000 square foot (21,500 square meter) facility at Prologis Park Ryton in the West Midlands. Located at the center of the UK motorway network, the new facility will enable the customer to further enhance its operations.
Both facilities have been designed to achieve a minimum Building Research Establishment Environmental Assessment Method (BREEAM) 2011 "Very Good" accreditation and the best Energy Performance Certificate (EPC) rating possible for their size.
"These new agreements reflect the limited supply of high-quality logistics facilities in the UK market," said Andrew Griffiths, managing director, Prologis UK. "Our well-located land bank and development expertise further enable us to support our customers' expansion requirements and meet their immediate needs in key European markets."
Prologis is the leading provider of industrial real estate in Europe, with approximately 145 million square feet (13.5 million square meters) of logistics and distribution space as of September 30, 2013.
Prologis, Inc. is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of September 30, 2013, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 562 million square feet (52.2 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
The statements in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("REIT") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this release.
SOURCE Prologis, Inc.
Released January 27, 2014