ProLogis to Develop 220,000 Square Feet for Logistics Services Provider in Hungary
BUDAPEST, Hungary, May 13 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it will develop 220,000 square feet (20,600 square meters) of industrial space in Budapest, Hungary, for UTi (Hungary) Logistics LLC, one of the region's leading providers of third-party logistic services.
UTi Hungary's new build-to-suit facility will be located at ProLogis Park Budapest-Sziget, a 1.8 million-square-foot (170,700 square meters) distribution park being developed 17 kilometers south of downtown Budapest. UTi, which currently leases space from ProLogis in both Europe and the United States, will operate the facility as a regional distribution center for one of its clients.
"ProLogis was an obvious choice for UTi Hungary," said Zoltan Bagyinszki, managing director of UTi (Hungary) LLC. "In addition to delivering a modern and well-located distribution facility, UTi has received top customer support from ProLogis since the beginning of our business relationship. Our dynamic growth in Hungary has required us to partner with a provider that understands our evolving needs and can plan for the long-term while offering flexible solutions. ProLogis consistently meets our expectations and is a strategic collaborator in our Hungarian expansion plans."
"UTi Hungary's new build-to-suit facility is ideal for large-scale, regional distribution," said Michael de Jong-Douglas, managing director for ProLogis in central and eastern Europe. "Over the last several years, an increasing number of multinational companies have established operations in Budapest due to the city's convenient access to key markets in central and eastern Europe, low cost of labor and large local population. ProLogis has been able to steadily increase its market-leading presence here by capitalizing on the emerging demand from the region's growing manufacturing, retail and logistics services base. UTi is an expert in the field of supply chain solutions and we are proud to be their facilities provider in Hungary."
ProLogis Park Budapest-Sziget currently consists of five buildings totaling 870,000 square feet (80,800 square meters) of space. The site is connected to the national and international traffic network by the M0 motorway on the southern boundary of the city, providing fast and efficient access to the international airport, M1, M7 and M5 motorways. At full build-out, ProLogis Park Budapest-Sziget will comprise ten buildings totaling over 1.8 million square feet (170,700 square meters). Other customers at the park include Schneider Electric, NCR, Filtrona, Quadrant, Transped, Rhenus Archico and KS Spedition.
UTi Worldwide Inc. is an international, non-asset based supply chain services and solutions company. Its global network of freight forwarding offices and more than 200 contract logistics and distribution centers are strategically located in 65 countries and staffed by a team of more than 19,000 employees. The company reported gross revenues of US$3.6 billion for its fiscal year ending January 31, 2007.
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 13, 2008