ProLogis, the leading global provider of distribution facilities, has announced that it signed four new development agreements in the fourth quarter of 2010 totaling 86,800 m² and a total expected investment of US $129 million (approx. 98.3 million).
Including previously announced development projects and these newly signed fourth-quarter agreements, ProLogis' 2010 development starts total US $680 million.
"In some global industrial real estate markets, new space is almost completely absorbed, and rents are poised to rise, which are incredibly positive signs for our industry and our development business," said Walter C. Rakowich, ProLogis Chief Executive Officer.
"In 2011, we plan to develop US $800 million to perhaps US $1 billion in Asia, Europe and North America. As our customers are beginning to look for new space, we are positioned very well to meet their needs by developing optimally located, sustainable distribution facilities in major logistics corridors across the globe."
The new development projects were signed in:
- Secaucus, New Jersey, where ProLogis will construct a 22,700-m² distribution facility. ProLogis' customer, Bed Bath & Beyond, a leading retailer of home merchandise and furnishings, will occupy approx. 15,000 m² at the facility upon completion. ProLogis will develop the building on land it owns at ProLogis Park Secaucus, located along the Hudson River in the Meadowlands, offering strategic access to Northern New Jersey and the greater New York City area.
- West Midlands, UK, where ProLogis will construct a 14,400-m² distribution facility for Europa Worldwide Logistics, one of the largest privately owned transport and logistics companies in the United Kingdom. ProLogis will develop the building on land it owns at ProLogis Park Midpoint, which will comprise three buildings upon completion of this build-to-suit facility, for a total of approx. 65,500 m².
- Fukuoka, Japan, where ProLogis will construct a 28,800-m² distribution facility for one of the major logistics companies in Japan. ProLogis will develop the building on land it owns in the Fukuoka market, a key logistics and manufacturing hub for the southeast region of Japan.
- Osaka, Japan, where ProLogis will construct a 20,900-m² distribution facility for a Japan-based logistics company. ProLogis will develop the building on land it owns in the Osaka market, one of the major distribution hubs in Japan with excellent access to Osaka, Kobe, Hyogo and Kyoto.