Prologis Leases 309,400 Square Feet in Brazil Development
Development 100 Percent Pre-Leased Three Months Before Completion
SAN FRANCISCO, Sept. 14, 2011 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced it has signed a lease in Brazil for 309,400 square feet (27,750 square meters) with a leading Brazilian retailer.
“We are pleased to welcome this new customer to our portfolio in Brazil," said Luis Gutierrez, Prologis' president for Latin America. "This lease marks more than 935,000 square feet of pre-leasing at our Cajamar Industrial Park, making this development now fully pre-leased. Customer demand for new Class-A product is at an all-time high, and we are developing logistics facilities to meet this demand while monetizing our land bank."
Prologis CCP Cajamar Industrial Park is expected to total approximately 2 million square feet (185,000 square meters) at full build-out. The project, a joint venture with Cyrela Commercial Properties (CCP), is located in the Cajamar submarket of Sao Paulo, with access to the Rodoanel Ring Road and central Sao Paulo. Other Prologis customers in Cajamar include Schneider and Penske.
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 June 30, 2011, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 600 million square feet (55.7 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 September 14, 2011