ProLogis Signs Three Build-to-Suit Agreements in Europe
- Company Will Develop 389,000 Square Feet for Three Customers -
AMSTERDAM, July 20 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has signed three build-to-suit agreements in Europe, totaling approximately 389,000 square feet (36,100 square meters).
Together, these developments represent approximately $31 million of total expected investment, and approximately $8 million of land monetization, helping ProLogis meet its 2010 development goals. The company aims to achieve $700 to $800 million of global development starts and $350 to $400 million of land monetization during 2010.
The build-to-suit projects include agreements in:
-- Northern Germany, where ProLogis signed a third-quarter agreement to construct a 181,000-square-foot (16,800-square-meter) distribution facility for a global supplier. The building will be constructed on ProLogis-owned land at an existing ProLogis distribution park. Construction is expected to start in July 2010 and finish in December 2010. -- Vienna, Austria, where ProLogis signed a third-quarter agreement to construct a 115,000-square-foot (10,700-square-meter) distribution facility for a leading third-party logistics provider. Subject to planning finalization, the building will be constructed on ProLogis-owned land at ProLogis Park Himberg, located approximately nine miles (15 kilometers) south of Vienna near the S1 Motorway. Construction is scheduled to begin in August 2010, with an expected completion date of February 2011. -- Leipzig, Germany, where ProLogis signed a second-quarter agreement to construct a 93,000-square-foot (8,600-square-meter) distribution facility for a leading third-party logistics provider. Subject to planning finalization, the building will be constructed on ProLogis-owned land at ProLogis Park Leipzig, located along the A14 motorway two miles north of the city of Leipzig. Construction is scheduled to start this summer, and will be completed in early 2011.
ProLogis has a proven track record for best-in-class industrial development and the ability to meet its customers' specific industrial development needs throughout North America, Europe and Asia. As of December 31, 2009, the company has developed more than 300 million square feet (27 million square meters) of ProLogis-owned and managed facilities.
ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 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.
Follow ProLogis on Twitter: http://twitter.com/ProLogis.
Released July 20, 2010