ProLogis announces leasing activity in China, develops two facilities in South Korea
ProLogis has announced strong leasing activity at major new distribution parks under construction in inland China.
At ProLogis Park Jiangning in Nanjing, the capital of China's Jiangsu Province, ProLogis has leased 100% of a 234,000 sq.ft distribution centre to Anji-TNT Logistics, who will operate the space on behalf of Italian automaker, Fiat.
Located in a government-sponsored economic development zone adjacent to the Nanjing Lukou International Airport, ProLogis Park Jiangning will comprise six facilitates totalling more than 1.5 million sq.ft at full build-out.
ProLogis also announced that the first phase of construction at ProLogis Park Chongqing is 100% leased.
The new park is being developed in the city of Chongqing. Currently containing one distribution centre totalling 196,000 sq.ft, the site will comprise eight facilities totalling approximately 1.3 million sq.ft at full build-out.
The next phase of construction at the park is scheduled to begin during the summer of 2008.
During 2007, ProLogis initiated operations in five of China's major inland markets: Changsha, Chengdu, Chongqing, Nanjing and Wuhan. In aggregate, ProLogis expects to develop 9.7 million sq.ft of distribution space on land it previously secured in these five cities, with a total expected investment of more than US$360 million.
As at December 2007, ProLogis had more than 11.3 million sq.ft in operation and another 11 million sq.ft under development in China.
ProLogis has also signed its first build-to-suit agreements in South Korea.
The first build-to-suit will be developed for national parcel delivery provider, Logen Express, as a 46,700 sq.ft facility near Daejeon City in Okcheon County. The park will provide easy access to the Seoul-Busan Expressway.
The second build-to-suit will be developed for a local 3PL, Wonjin Logistics, as a 170,115 sq.ft facility in Sudong, Namyangju City. Wonjin has signed a ten-year lease agreement with ProLogis.
Located in a prime distribution location, this facility will have ready access to the greater Seoul metropolitan area. Wonjin Logistics’ operations are concentrated in the southern part of Seoul. This new facility will be its first in the Northeastern market.
In August 2007, ProLogis Korea Fund completed the acquisition of its first asset in the region, a 108,000 sq.ft distribution facility along the Seoul-Busan Expressway, outside Seoul.
ProLogis currently has fourteen distribution facilities owned, managed or under development in Korea, totalling approximately four million sq.ft.
At ProLogis Park Jiangning in Nanjing, the capital of China's Jiangsu Province, ProLogis has leased 100% of a 234,000 sq.ft distribution centre to Anji-TNT Logistics, who will operate the space on behalf of Italian automaker, Fiat.
Located in a government-sponsored economic development zone adjacent to the Nanjing Lukou International Airport, ProLogis Park Jiangning will comprise six facilitates totalling more than 1.5 million sq.ft at full build-out.
ProLogis also announced that the first phase of construction at ProLogis Park Chongqing is 100% leased.
The new park is being developed in the city of Chongqing. Currently containing one distribution centre totalling 196,000 sq.ft, the site will comprise eight facilities totalling approximately 1.3 million sq.ft at full build-out.
The next phase of construction at the park is scheduled to begin during the summer of 2008.
During 2007, ProLogis initiated operations in five of China's major inland markets: Changsha, Chengdu, Chongqing, Nanjing and Wuhan. In aggregate, ProLogis expects to develop 9.7 million sq.ft of distribution space on land it previously secured in these five cities, with a total expected investment of more than US$360 million.
As at December 2007, ProLogis had more than 11.3 million sq.ft in operation and another 11 million sq.ft under development in China.
ProLogis has also signed its first build-to-suit agreements in South Korea.
The first build-to-suit will be developed for national parcel delivery provider, Logen Express, as a 46,700 sq.ft facility near Daejeon City in Okcheon County. The park will provide easy access to the Seoul-Busan Expressway.
The second build-to-suit will be developed for a local 3PL, Wonjin Logistics, as a 170,115 sq.ft facility in Sudong, Namyangju City. Wonjin has signed a ten-year lease agreement with ProLogis.
Located in a prime distribution location, this facility will have ready access to the greater Seoul metropolitan area. Wonjin Logistics’ operations are concentrated in the southern part of Seoul. This new facility will be its first in the Northeastern market.
In August 2007, ProLogis Korea Fund completed the acquisition of its first asset in the region, a 108,000 sq.ft distribution facility along the Seoul-Busan Expressway, outside Seoul.
ProLogis currently has fourteen distribution facilities owned, managed or under development in Korea, totalling approximately four million sq.ft.