ProLogis Pre-Leases 186,000 Square Feet in China to Third-Party Logistics Provider Serving Samsung
TIANJIN, China, March 26 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has pre-leased 186,000 square feet of distribution space near Beijing to Jinji Total Logistics, a third-party logistics company and provider of services for Samsung, a global technology company, in China.
Jinji's lease is for space in a new, 437,000-square-foot facility under construction at ProLogis Park Xiqing in Tianjin, the sixth largest city in China and a growing industrial hub. Jinji will operate the facility as a domestic distribution center for Samsung, which has established one of its largest overseas manufacturing bases less than 2 kilometers from the new park. Construction of the building is scheduled for completion in early 2009.
Samsung is a multi-continent customer leasing more than 1.2 million square feet from ProLogis at locations in China and the United States.
"Tianjin is a major economic and industrial center in northern China," said Ming Mei, president for ProLogis in China. "Its proximity to the Tianjin Container Port, China's fifth largest container port by volume, and large local population has drawn the attention of leading logistics companies and customers with local and regional warehousing requirements. Demand for high-quality space continues to rise, and, in consideration of the park's strategic location and ProLogis' reputation for developing modern distribution facilities, we anticipate continued demand from the region's top domestic and multinational customers."
"Samsung continues to expand its investment in southern Tianjin and had an immediate need for warehousing space from which to serve local demand," said Hyun-duk Hong, president of Jinji Total Logistics. "As the provider of logistics services for the company, we required space that could facilitate the efficient distribution of product from their manufacturing plant nearby. ProLogis was able to meet our strategic facility needs and we appreciate their dedication to customer care."
ProLogis Park Xiqing is ProLogis' third distribution park in Tianjin. The site is located less than 15 kilometers from five major expressways, near the Tianjin International Airport, and is 30 kilometers from the Tianjin Container Port, reporting throughput of 5.95 million TEUs in 2006. The city is home to the China operations of more than 120 Global 500 companies, including Hyundai, Motorola, P&G, Samsung, Toshiba and Toyota. At full build-out, ProLogis Park Xinging will comprise two buildings totaling 874,000 square feet.
Samsung Electronics Co., Ltd. is a global leader in semiconductor, telecommunication, digital media and digital convergence technologies with 2006 parent company sales of US$63.4 billion. The company employs approximately 138,000 people in 124 offices in 56 countries.
ProLogis is one of the leading providers of industrial distribution space in China with more than 11.3 million square feet (1.05 million square meters) in operation and another 11 million square feet under development at December 31, 2007. 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 118 markets across North America, Europe and Asia. The company has $36.3 billion of assets owned, managed and under development, comprising 510.2 million square feet (47.4 million square meters) in 2,773 properties as of December 31, 2007. 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 more than 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released March 26, 2008