SAN FRANCISCO, Sept. 4, 2013 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced it will commence development on three buildings totaling more than 700,000 square feet in the United Kingdom. The company has signed a 165,000-square-foot build-to-suit agreement with Hi Logistics, a specialist logistics subsidiary of LG Electronics, and will also develop two speculative facilities totaling 535,000 square feet.
The build-to-suit will be located at Prologis Park Ryton, a 64-acre logistics park in the West Midlands, the UK's primary distribution hub. The facility will serve as a regional distribution center for Hi Logistics' customers throughout the country. Hi Logistics also occupies Prologis facilities in The Netherlands and Poland. In addition to the build-to-suit, the company will develop a 225,000-square-foot speculative facility at the park.
The third development, a 310,000-square-foot development, will be located at Prologis Park Dunstable, less than two miles from the country's primary north-south transit corridor. The 32-acre park also offers direct access to London Luton Airport.
All three properties have been designed to achieve BREEAM 2011 'very good' accreditation and the best possible EPC rating for their size.
"With our UK portfolio over 97 percent leased, demand for well-situated, Class-A logistics facilities remains strong," said Gary Anderson, CEO, Prologis Europe and Asia. "We are pleased to strengthen our established relationship with Hi Logistics and look forward to expanding our footprint and fulfilling space requirements at two of our key parks."
Prologis is the leading provider of industrial real estate in the United Kingdom, with approximately 17 million square feet of logistics and distribution space as of June 30, 2013.
Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of June 30, 2013, Prologis, Inc. owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 563 million square feet (52.3 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
The statements in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of developed properties, disposition activity, general conditions in the geographic areas where we operate, synergies to be realized from our recent merger transaction, our debt and financial position, our ability to form new property funds and the availability of capital in existing or new property funds — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("REIT") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this release.
SOURCE Prologis, Inc.