ProLogis, a leading global provider of distribution facilities, announced that it has signed lease agreements totaling 471,000 ft² (approx. 43,600 m²) to two customers in the United Kingdom. "Recent first-quarter lease activity in the UK has filled two newly developed distribution centers," said Andrew Griffiths, managing director of ProLogis UK. "While we are still facing a challenging market environment, these new lease agreements indicate further signs of stabilization and improvement in the UK industrial property market."
ProLogis has leased 402,000 ft² of distribution space at ProLogis Park Kettering to the Oxford University Press, a department of Oxford University and the largest continuously operating university press in the world. ProLogis Park Kettering is a 1.7 million ft² distribution park located near junction seven of the A14 motorway, just north of Kettering town centre. With this lease, four of the five buildings at the newly developed distribution park are now fully occupied.
Nigel Portwood, chief executive of OUP, commented: "We are delighted to be moving to new state-of-the-art facilities at ProLogis Park Kettering in early 2011. It will contribute towards improving our distribution service and will be a factor in enabling future business growth."
Additionally, ProLogis has signed a lease agreement with an international catering company for 69,000 ft² at ProLogis Park Heathrow. The 295,000 ft² park is located less than two miles from the Heathrow Airport and a half mile from the M4 motorway, which links to the M25. With this lease, three of the four buildings at the newly developed distribution park are now fully occupied.