ProLogis Signs 241,000-Square-Foot Build-to-Suit in Czech Republic
PRAGUE, Feb. 17, 2011 /PRNewswire/ -- ProLogis (NYSE: PLD), the leading global provider of distribution facilities, announced today it signed a new build-to-suit development agreement totaling 241,000 square feet (22,400 square meters) and with a total expected investment of approximately $19.2 million.
ProLogis will develop the facility on land it owns at ProLogis Park Jirny, located 12 miles (20 kilometers) east of Prague. Construction is expected to start in the first quarter of 2011. Upon completion, Globus Group, a German hypermarket operator, will occupy the space.
"We are very pleased to strengthen our relationship with Globus, one of our key customers in the Czech Republic," said Philip Dunne, president of ProLogis Europe. "We are excited to begin 2011 with a new construction project in Central and Eastern Europe, which coordinates with our overall focus on land monetization."
Upon completion of the facility – expected late 2011 – ProLogis Park Prague-Jirny will comprise seven buildings totaling 2.3 million square feet (214,400 square meters) of distribution space. Additional ProLogis customers at the park include DHL, Toyota and THIMM Obaly.
ProLogis is one of the leading providers of distribution space in Central and Eastern Europe, with 39.8 million square feet (3.7 million square meters) at 41 distribution parks. ProLogis' portfolio in the Czech Republic totals approximately 6.5 million square feet (605,000 square meters).
ProLogis is the leading global provider of distribution facilities, with more than 435 million square feet (40 million square meters) of industrial space owned and managed in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 3,800 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com.
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Released February 17, 2011