ProLogis (PLD), a leading global provider of distribution facilities, has recently signed new leasing agreements spanning about 661,000 square feet of its development portfolio with four customers in Europe.
About 236,000 square feet of space were leased to DB Schenker, the third-party logistics company of the German national railway company Deutsche Bahn. The lessee will occupy the space at ProLogis Park Jonkoping Building One in Torsvik, Sweden.
The company also leased 230,000 square feet of space to Gap Inc. (GPS), one of the leading specialty retailers across the globe. The Gap would occupy the space at ProLogis Park Stafford Building Four in the U.K.
In addition, ProLogis leased 117,000 square feet of space at ProLogis Park Lodi Building Seven, near Milan, Italy, to an unnamed logistics company. At the same time, the company leased 78,000 square feet of space to Wurth Logistik Center, a third-party logistics company, at ProLogis Park Neuenstadt in southwest Germany.
With improving property values and growing institutional demand for quality properties, ProLogis has witnessed a growing customer interest in new build-to-suit development projects across the globe. In addition, leasing decisions that were earlier postponed due to volatility in the markets are gradually coming off the shelf.
ProLogis owns and manages interests in over 2,500 distribution facilities, service offices and properties spanning 475 million square feet of space (including properties under development), of which approximately 127 million square feet is located in Europe. The company leases its industrial facilities to over 4,400 customers, which mostly include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.
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