Prologis announces first quarter 2017 activity in Europe – EuropaProperty

Prologis Europe ended the first quarter with 96.7 percent occupancy. The company signed new leases and renewals totalling 1.1 million sqm in the first quarter.

At quarter-end, the company owned or had investments in, on a wholly-owned basis or through co-investment ventures, properties and development projects totalling 16.8 million sqm in Europe.

“Prologis enjoyed another strong quarter in Europe,” said Ben Bannatyne, president, Prologis Europe. “Customer sentiment remains positive, supply of modern stock is in check and demand is consistent across most markets.”

Bannatyne added: “The consolidation of two European funds—European Logistics Venture 1 (ELV1) and Prologis Targeted Logistics Fund (PTELF)—in January further streamlines our strategic capital business. The launch of our UK Logistics Venture with CBRE GIP is an important milestone for continued growth in the UK.”

Markets with the strongest interest from customers in the first quarter were: The United Kingdom, Germany, the Netherlands and Sweden in Northern Europe; Le Havre, Barcelona and Bologna in Southern Europe, and Prague, Budapest and Bratislava in Central and Eastern Europe.

Notable new leasing activity in the first quarter included: 53,500 sqm build-to-suit for Logiters (ID Logistics Group) in Penedes, Spain; 45,000 sqm build-to-suit extension for an international retailer in Oosterhout, the Netherlands; 13,200 sqm new lease with an international logistics provider in Prague-Uzice, Czech Republic, and 11,400 sqm new lease with Cormar Carpets at Prologis Hemel Hempstead, UK.

Prologis strengthened its position in the CEE region and maintained a record-high occupancy rate of 96 percent. At quarter-end, the company’s operating portfolio was 4.6 million sqm of logistics space in 43 parks. The company leased more than 390,000 sqm, including new lease agreements totalling 125,000 sqm and lease renewals of 230,000 sqm, with the balance short-term agreements. Prologis delivered eight buildings totalling 121,000 sqm in Poland, the Czech Republic, Slovakia and Hungary; another four fully leased facilities totalling more than 120,000 sqm are currently under construction.