ProLogis (NYSE: PLD) has announced that it has leased 173,000 square feet (16,100 square meters) of newly completed industrial space to Y2K Logistica Europa SpA, an Italian third-party logistics provider.
Y2K will open a new distribution center at ProLogis Park Romentino, a state-of-the-art industrial park outside Milan. Y2K will use the space to serve its customer Burgo Distribuzione S.r.l, one of Italy's leading distributors of paper products.
"Over the past 16 months we have completed 850,000 square feet (79,000 square meters) at ProLogis Park Romentino," said Alexandra Lopes, ProLogis first vice president and country officer for Italy. "Today, that space is almost 90 percent leased, and we continue to expand our presence in this location. Our accomplishments here exemplify the strength of ProLogis' position in Milan, and the overall success we've had serving the Italian market."
"We're very pleased to be working with ProLogis, one of the world's leading suppliers of industrial distribution space," said Roberto Lambardi, managing director of Y2K. "Our new facility at ProLogis Park Romentino will significantly increase the efficiency of our distribution operations, and enable us to deliver high-quality logistics services to an important customer."
ProLogis Park Romentino is located approximately 30 kilometers west of Milan along Italy's A4 Motorway, offering easy access to Malpensa Airport and markets across northern Italy, France and eastern Europe. ProLogis completed its first distribution center at the park in late 2004 and has since built two additional facilities. A fourth and final building is close to completion. At full build out, the park will comprise almost 1.2 million square feet (110,500 square meters) of industrial space.
ProLogis is one of Italy's largest industrial facilities providers, with more than 5 million square feet concentrated around Milan, Padova, Turin and Bologna. The company's customers in Italy include companies like Alvi S.r.l, DiFarco, Geodis, Generali Transporti, Indesit, ND Logistics, NYK, Piacenza Logistica, Sittam, TNT Logistics, and Ubaldini Stampa Autotransporti.
Y2K Logistica is a private third-party logistics provider headquartered in Milan. It specializes in storage, handling, transport and other services for a variety of enterprise customers, primarily in northern Italy.