ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern warehouse distribution facilities, today announces that it has successfully concluded a lease extension and expansion with Schneider Electric, a global specialist in energy management, covering a total of 40,800 m² in Sant Boi de Llobregat (Barcelona), Spain.
Schneider Electric extended its existing 28,100-m² lease in ProLogis Park Sant Boi for another four years to January 2020 under the existing terms. In addition, Schneider Electric has expanded into an adjacent 12,700-m² facility to the same maturity date at market rents, following early vacation by the previous customer.
Simon Nelson, head of asset management of PEPR, said: "We continue to work closely with customers to provide flexible, cost-effective solutions for their supply chain needs. This approach, combined with our portfolio of modern, efficient distribution facilities has enabled us to maintain industry-leading occupancy levels despite the global downturn."
The transactions were completed on behalf of PEPR by ProLogis (NYSE: PLD), manager of the PEPR portfolio.