ProLogis Leases 194,000 Square Feet in China to Third-Party Logistics Provider Serving BMW
- Announces Additional Plans to Expand Industrial Portfolio in Pearl River Delta -
GUANGZHOU, China, May 22 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased 194,000 square feet (18,000 square meters) of distribution space to Guangzhou Hutchison Logistics Company, a third-party logistics provider.
Hutchison Logistics has leased warehouse space at ProLogis Park Sanshan, a master-planned industrial park located in Guangzhou, China. The company will operate the facility as a regional distribution center for BMW, shipping automobile parts throughout the Pearl River Delta area.
"Guangzhou is a burgeoning city, with a rapidly growing population and economy," said Ming Mei, president for ProLogis in China. "It is a key distribution hub for our customers due to its location in the Pearl River Delta, providing an established highway infrastructure and a port on the River, which is navigable to the South China Sea. We expect ProLogis Park Sanshan to become a major part of our strategic portfolio in the area."
"BMW required a distribution facility that could provide easy access to the entire region," said Qian Jing, general manager of Hutchison Logistics Services Ltd. "ProLogis was able to meet our customer's needs effectively with a high-quality facility in a prime location. We are very pleased to locate BMW's regional distribution center here."
ProLogis Park Sanshan is a master-planned industrial distribution park located less than one kilometer from the main expressway connecting the cities of Guangzhou and Foshan. ProLogis currently has four distribution facilities in the park, totaling approximately 950,000 square feet (88,000 square meters) and has land available to support an additional 377,000 square feet (35,000 square meters) of distribution space.
The BMW Group is based in Munich, Germany and is one of the world's largest manufacturers of premium automobiles. The company currently leases 1.4 million square feet (130,000 square meters) of distribution space from ProLogis in various locations in the United States.
Also today, ProLogis announced plans to develop a new, state-of-the-art industrial park in the Guangdong Province. Through a joint venture, ProLogis has secured 102 acres (41.1 hectares) of land that can support two million square feet (190,000 square meters) of distribution space in the Zhuhai Free Trade Zone.
The new park, to be called ProLogis Park Zhuhai, will serve the growing demand for modern warehouse facilities in the area. Located in the Pearl River Delta Region, the park offers quick access to the city of Macao by both land and water. ProLogis Park Zhuhai will have direct access to Baosheng Road, linking it to four major, national expressways as well as the Hengqing and Lotus bridges and the Jiuzhou and Zhuhai seaports.
ProLogis is one of the leading providers of industrial distribution space in China with more than 15.5 million square feet (1.44 million square meters) in operation and under development as of March 31, 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 121 markets across North America, Europe and Asia. The company has $38.8 billion of assets owned, managed and under development, comprising 526.3 million square feet (48.9 million square meters) in 2,817 properties as of March 31, 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 May 22, 2008