ProLogis Leases More Than 100,000 Square Feet to Distribution Company in Romania
BUCHAREST, Romania, Dec. 10 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has leased more than 100,000 square feet (9,300 square meters) in Bucharest, Romania, to the Flamingo Group, one of Romania's largest electrical retail and IT distribution companies.
Flamingo has leased the space in a 295,000-square-foot (27,400-square- meter) distribution facility at ProLogis Park Bucharest A1. The park is located along the A1 motorway, Romania's primary east-west highway, approximately 23 kilometers west of downtown Bucharest. This is ProLogis' first lease with Flamingo. The new agreement brings the park's occupancy to more than 90 percent within four months of completion.
"We are pleased to announce this new transaction with Flamingo, ProLogis' first customer in the CEE region representing the electrical retail and IT industry," said Ben Bannatyne, managing director for ProLogis in Central and Eastern Europe. "We are starting to see new demand for modern facilities from a wider sampling of customer groups as more companies decide to outsource their supply chain requirements. ProLogis has a world-class portfolio of strategically located distribution properties throughout the CEE region, and is proud to have been selected to provide Flamingo's new facility in Bucharest."
ProLogis Park Bucharest A1 currently consists of four facilities totaling more than 1.16 million square feet (108,200 square meters) of industrial space. Other customers at the park include Centrum Logistics, Augsburg International Impex, Kuehne + Nagel, Omega Transport & Logistics, Geodis Calberson and Gefco.
ProLogis is a leading global provider of distribution facilities, with operations across North America, Europe and Asia. The company has $40.8 billion of assets owned, managed and under development, comprising 548 million square feet (51 million square meters) in 2,898 facilities as of September 30, 2008. ProLogis' customers include 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 December 10, 2008