ProLogis to Develop 436,000 Square Feet for Volkswagen in Northern Germany
AMSTERDAM, Netherlands, Oct. 18 /PRNewswire-FirstCall/-- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it will develop 436,000 square feet (40,500 square meters) in northern Germany for Volkswagen, one of the world's leading automobile manufacturers and the largest carmaker in Europe.
Volkswagen's new building will be developed on land recently acquired by ProLogis in the Hessen region of Germany, approximately 120 kilometers east of Cologne. The facility will function as a Volkswagen spare parts distribution center, serving markets in Germany and Europe. Construction on the new facility is scheduled for completion in the first half of 2008.
"ProLogis is uniquely well-positioned to serve the distribution needs of Germany's automotive industry, as evidenced by today's build-to-suit transaction with Volkswagen," said Christian Bischoff, ProLogis senior vice president and regional director for northern Europe. "In addition to our strategic land positions and industry-leading development expertise, we have established a dedicated account team here focused exclusively on the needs of the automotive market. We are pleased to once again be working with Volkswagen, and look forward to delivering a state-of-the-art distribution center that will serve their needs over the long term."
Volkswagen currently leases more than 344,000 square feet from ProLogis in facilities located in California's Inland Empire and south Florida.
The new facility is part of a two-building industrial park, to be called ProLogis Park Borken, currently under development in the city of Borken. The rail-served park offers direct access to the A49 and A7 motorways, enabling easy distribution to key markets throughout the country. A second facility, totaling 113,000 square feet (10,500 square meters), is being developed on an inventory basis at the park, and is planned for completion in the first half of 2008.
Headquartered in Wolfsburg, Germany, the Volkswagen Group is one of the world's leading automobile manufacturers and the largest carmaker in Europe. The Group is made up of eight brands from six European countries, including Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Skoda and Volkswagen Commercial Vehicles. The company's almost 325,000 employees produce over 24,500 vehicles that are sold in more than 150 countries worldwide.
ProLogis is one of the largest providers of distribution space in Germany, with more than 6.26 million square feet owned, managed or under development, as of June 30, 2007.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 105 markets across North America, Europe and Asia. The company has $29.9 billion of assets owned, managed and under development, comprising 446.9 million square feet (41.5 million square meters) in 2,523 properties as of June 30, 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 1,300 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released October 18, 2007