ProLogis Signs Pair of Europe Leases Totaling 910,000 SF
- Jun 02, 2008
ProLogis has signed new lease agreements totaling 910,000 square feet at two major distribution parks in Europe with Kuehne + Nagel, a global logistics provider. The first lease, totaling 540,000 square feet, is for space at ProLogis Park Wellingborough, a 1.15 million-square-foot distribution park located in England’s East Midlands area. Kuehne + Nagel plans to operate the facility on behalf of several clients including Whitbread Plc, the United Kingdom’s largest hotel and restaurant company. The second lease, totaling 370,000 square feet is at ProLogis Park Isle d’ Abeau (pictured), a 4.5 million-square-foot distribution park located in the city of Lyon, France. Kuehne + Nagel will operate the space as a multi-user site serving customers throughout southern France. A ProLogis spokesperson told CPN today that “The leases are long-term, triple net.” The company declined to disclose the total investment. ProLogis Park Wellingborough is located in the East Midlands, a key U.K. distribution location. The park comprises three fully-occupied facilities and offers strategic access to several major highways. Other customers at the park include Monsoon Accessories and Homebase. ProLogis Park Isle d’ Abeau in France is located 10 minutes from Lyon international Airport, 20 minutes from central Lyon and 30 minutes from Grenoble. The park is in a prime location for distribution to Paris, Marseille, Milan and Barcelona. ProLogis owns 16 facilities in the park. ProLogis is one of the largest providers of distribution space in Europe with more than 119 million square feet of space owned, managed or under development as of March 31, 2008. CPN reported on three other European developments by Prologis in the month of May–a 220,000-square-foot build-to-suit facility in Hungary, plans to develop and lease an 860,000-square-foot industrial facility in northern Spain to Bosch-Siemens Home Appliance, and a 327,000-square-foot lease for distribution space in Rome, to Coop Italia, an Italian supermarket chain.