Tuesday, September 16, 2014
Prologis buys 23 Class-A distribution centers in Europe
Industrial real estate investment firm Prologis has acquired 23 Class-A distribution centers in three European countries, the Czech Republic, Poland and Slovakia.
There is a rising demand for high-quality logistics facilities in Europe due to an increase in e-commerce application and supply chain consolidation.
Together, the 23 distribution centers, have approximately 2.5 million square feet of logistics space. Of the total number of properties, 17 distribution centers with 1.75 million square feet of space are located in Prague, Czech Republic; four properties with 596,000 square feet of space are in Warsaw, Poland; and two properties with 124,900 square feet of space are in Bratislava, Slovakia.
"We are pleased to acquire such well-located logistics facilities at a discount to replacement costs," said Philip Dunne, Prologis Europe president. "These high-quality assets complement our existing portfolio. The Prague assets, in particular, are in a long-established park that will benefit from an increase in labor availability in the years to come."
By the end of June this year, Prologis said it owns and manages around 154 million square feet of logistics and distribution space in Europe.
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