ProLogis build up first industrial facilities in Romania
05 Apr '06
3 min read
ProLogis is a leading provider of distribution facilities and services, with more than 2,300 facilities owned announced that it has begun development of its first industrial facilities in Romania.
The company has acquired 69 acres (28 hectares) of land west of Bucharest along Romania's A1 motorway, the country's primary transit corridor. Plans for the site, to be called ProLogis Park Bucharest A1, call for six buildings totaling more than 1.7 million square feet (157,700 square meters) of industrial space.
"Over the past several years, the central and eastern regions of Europe have emerged as strategically important areas for industrial distribution," said Walt Rakowich, president and COO of ProLogis. "Our company has been successful in anticipating this trend, and now has market-leading positions in Poland and Hungary as well as one of the largest industrial platforms in the Czech Republic.
"We're pleased now to be entering Romania, where we see a combination of robust demand for state-of-the-art facilities and a shortage of high-quality supply. As such, we believe this transaction will deliver real benefits both for customers with European operations and our investors."
Initial investment will consist of land acquisition, infrastructure improvements and construction of two distribution centers comprising 609,000 square feet (56,600 square meters), with completion of the first facility planned for the second half of this year. Total investment at the park is expected to exceed US$80 million.
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