Prologis to develop 700,000 sq ft in the UK
Prologis is to commence development on three buildings totalling more than 700,000 square feet in the UK.
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 totalling 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 centre 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 per cent leased, demand for well-situated, Class-A logistics facilities remains strong," says Gary Anderson, chief executive, 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."