ProLogis Signs Two New Build-to-Suit Agreements
- Company Will Develop 522,000 Square Feet for Two Customers in France and Japan -
DENVER, June 7 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has signed two build-to-suit agreements, totaling approximately 522,000 square feet (48,500 square meters). These transactions will be second-quarter development starts and represent approximately $60 million of total expected investment.
Including previously announced development transactions, these transactions bring ProLogis' year-to-date 2010 global development starts to approximately $437 million of total expected investment with approximately $133 million of ProLogis land. Combined with year-to-date third-party sales of approximately $47 million, ProLogis has monetized $180 million of land. The company has established goals of $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:
-- Moissy-Cramayel, France, where the company will construct a 342,000-square-foot (31,800-square-meter) distribution facility for a major third-party logistics company on ProLogis-owned land at ProLogis Park Chanteloup, located approximately 18 miles (30 kilometers) south of Paris near the A5, A4 and A6 motorways. -- Northern Japan, where ProLogis will construct a 180,000-square-foot (16,700-square-meter) distribution facility for one of Japan's leading retailers on ProLogis-owned land. After completion, the development will be sold to the customer at a pre-committed value.
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 June 7, 2010