ProLogis Leases 314,000 Square Feet of Its Development Portfolio in the United Kingdom
- Building Four Now Fully Occupied at ProLogis Park Midpoint in West Midlands -
BIRMINGHAM, United Kingdom, Sept. 23 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has signed a third-quarter lease agreement for a newly developed, 314,700-square-foot distribution facility in the United Kingdom with TPN (The Pallet Network), one of the UK's leading providers of pallet distribution services and the fourth largest pallet network in the country.
TPN will occupy Building Four at ProLogis Park Midpoint, one of the West Midlands' premier distribution parks. TPN is an established ProLogis customer in the UK and is expanding into the facility at Midpoint from a 224,000-square-foot distribution facility it currently occupies with ProLogis at Central Park Rugby; its current lease was due to expire in early 2010.
Andrew Griffiths, UK managing director for ProLogis says, "This is another example of ProLogis' unique ability to serve its customers in multiple markets. In this instance, we were able to provide the size of building that suited TPN's expansion needs and seamlessly transfer the customer to its preferred location. We are very pleased to continue our excellent business relationship with TPN."
ProLogis Park Midpoint Building Four represents ProLogis' ongoing commitment to Environmental Stewardship. The building features a number of sustainable features that are expected to reduce operational CO2 emissions and energy use by 74 percent compared to existing buildings. The ProLogis development has secured an Energy Performance Certificate Asset Rating of B (27) and is certified BREEAM 'Excellent.'
Adam Leonard, TPN managing director, said, "Our existing distribution hub in Rugby has proven to be an excellent site and has served our business very well. Despite the recession, TPN's business has continued to grow and it has become clear we require a larger facility to ensure our expansion plans can be implemented. We have reviewed a number of potential sites, but ProLogis Park Midpoint met all of our requirements including size, location and minimal environmental impact."
TPN provides a range of next-day and economy delivery options for palletized freight throughout the UK and Europe through its network of more than 90 Haulier Member Companies. For more about the company, please visit www.thepalletnetworkltd.co.uk.
ProLogis is one of the largest providers of distribution space in the UK with a distribution portfolio totaling approximately 18.5 million square feet. Other major customers in the country include Amazon.com, Bosch-Siemens, Debenhams, DHL, GEFCO, Honda Logistics, Kuehne + Nagel, Sainsbury's, Screwfix, Superdrug and Tesco. For more information about ProLogis' UK portfolio, please visit www.prologis.co.uk.
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 4,500 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.
Released September 23, 2009