ProLogis (NYSE: PLD) has announced that it plans to build a major new industrial park next to Charles De Gaulle Airport outside Paris. The new park will comprise five distribution centers and more than 1.9 million square feet (176,750 square meters) of industrial space, with an expected investment of approximately US$100 million. ProLogis recently signed an agreement to acquire the land for the park; construction of the first three buildings is expected to begin in the first half of 2007.
"This site will offer important strategic advantages both for ProLogis and our growing base of customers in northern France," said Ranald Hahn, managing director for southern Europe. "The area around Charles de Gaulle Airport is currently experiencing significant public investment, with construction of a new mega terminal under way and a light-rail system and science park planned for the future.
"We believe this investment will draw logistics service providers and other customers looking for high-quality industrial space near the airport complex. Our new park will be ideally situated to address this demand, and substantially enhance our overall portfolio of properties serving the French market."
The park site is located in Vemars, approximately 30 kilometers northeast of central Paris. It is 4 kilometers north of Charles De Gaulle airport and 17 kilometers north of suburban Garonor, where ProLogis operates a large industrial distribution complex comprising almost 3.8 million square feet (350,000 square meters) and serving approximately 230 companies. The property offers 500 meters of frontage along France's A1 motorway, the primary transit artery and freight route between Paris and the northern region of the country.