ProLogis Announces Leasing Activity in Shanghai
- Company Leases Approximately 460,000 Square Feet to Two Customers in Shanghai -
SHANGHAI, China, Sept. 30 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today it has leased a total of approximately 460,000 square feet (43,000 square meters) to two customers in Shanghai, China.
In the Pudong submarket of Shanghai, at ProLogis Park Jinqiao, ProLogis has leased approximately 192,000 square feet (17,800 square meters) to Parker Hannifin, a global leader in motion and control technologies, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company will use the space for assembly and light manufacturing.
In the Hangzhou submarket of Shanghai, at ProLogis Park HEDA, ProLogis has leased approximately 266,000 square feet (25,000 square meters) to Joyoung Co. Ltd., a leading domestic home appliance manufacturer, to support its distribution needs across the Shanghai region.
"Shanghai and several other major cities in the Yangtze River Delta region form one of the strongest economic regions in China," said Ming Mei, chief executive officer of ProLogis China and Asian emerging markets. "The vibrant local economy is driven by significant manufacturing activity, with a focus on high-tech and automotive industries, as well as a large consumer population. All of these factors help to drive consistent demand for distribution space, and we are well prepared to meet our customers' needs in the region."
ProLogis Park Jinqiao is located adjacent to the Jinqiao Export Processing Zone, one of the nation's special economic zones. ProLogis has approximately 1.6 million square feet (149,000 square meters) of space in nine buildings at the park. Current customers at ProLogis Park Jinqiao include HAAS Automation and OTS Logistics.
ProLogis Park HEDA is a world-class logistics and industrial base in the Hangzhou Economic and Technological Development Area (HEDA). Located near the HuHangYong Expressway and Hangzhou Outer Ring Road, the park offers strategic access for distribution to the entire Yangtze River Delta region.
ProLogis is one of the leading providers of industrial distribution space in China with approximately 30.4 million square feet (2.8 million square meters) in operation and under development as of June 30, 2008. Major customers in China include adidas, Best Buy, DHL, L'Oreal, Menlo Worldwide, Nokia, NYK, Samsung, UPS and Yum! Brands.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 132 markets across North America, Europe and Asia. The company has $40.4 billion of assets owned, managed and under development, comprising 542.3 million square feet (50.4 million square meters) in 2,884 properties as of June 30, 2008. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs over 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released September 30, 2008