ProLogis European Properties, Europe's largest owner of modern distribution facilities, announced today that it has extended for a further three years the maturity of two lease agreements in ProLogis Park Piacenza in Italy with Difarco, Italy's leading distribution company for cosmetics and pharmaceuticals.
The first lease, covering 30,900 m², will now expire in December 2014 and the second, for 11,800 m², will expire in September 2015. Difarco will continue to use the facilities to distribute cosmetics and pharmaceuticals throughout Italy and abroad.
Marino Grossi, Director of the Piacenza site for Difarco, commented: "Over the last seven years, ProLogis, as external manager and developer, has provided us with a consistently high level of customer service and played a significant role in helping us to manage our supply chain more efficiently. ProLogis Park Piacenza is strategically located just south of Milan on the A1 and A21 motorways, giving us easy access to major transport routes throughout Italy."
Simon Nelson, Head of Asset Management said "We are delighted to be extending our relationship with one of PEPR's most valued customers in Italy, which is an important market for us. Whilst recent economic conditions in the country have been challenging, we are still receiving good levels of rental income and continue to focus on maintaining our high occupancy levels across the portfolio."