Prologis Signs 355,800 Square Feet of Lease Agreements in Germany
SAN FRANCISCO, June 26, 2012 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced two lease agreements totaling approximately 355,800 square feet (33,055 square meters) in Germany. The transactions included:
- An approximately 219,600 square foot (20,400 square meter) build-to-suit expansion of Prologis Park Hunxe in western Germany for one of the country's largest providers of third-party logistics services. The expansion, which is being constructed on property from Prologis' land bank, is scheduled for completion this fall and will increase the size of the facility to approximately 650,100 square feet (60,400 square meters).
- An approximately 136,200 square foot (12,655 square meter) lease with the MAN Group at Prologis Park Munich-Neufahrn in southern Germany. With this lease, the MAN Group will occupy more than 674,400 square feet (62,650 square meters) at the facility. The MAN group is one of Europe's leading manufacturers of commercial vehicles, engines and mechanical engineering equipment.
"We are very pleased to strengthen our relationships with these two key customers in Germany, and to accommodate their expansion needs at our industry leading distribution facilities," said Thomas Karmann, senior vice president and regional director of Northern Europe, Prologis. "Our customers in Europe remain focused on improving supply chain efficiencies, which in turn is driving demand for modern, strategically located distribution space. With our unsurpassed portfolio in Europe, Prologis is well positioned to meet these continuing needs."
As of March 31, 2012, Prologis' platform of operating and development properties in Germany totaled approximately 18.1 million square feet (1.6 million square meters).
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 March 31, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 584 million square feet (54.2 million square meters) in 22 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.
SOURCE Prologis, Inc.
Released June 26, 2012