13
April
2004
|
12:25
Europe/Amsterdam

Prologis signs build-to-suit agreement in Sweden with Kuehne + Nagel

ProLogis (NYSE: PLD), a leading global provider of distribution facilities and services, today announced that it has signed a build-to-suit agreement with Kuehne + Nagel, one of the world’s leading transport and logistics companies.

According to the agreement, ProLogis will develop a 160,705 square foot (14,930 m2) distribution facility at the Händelö Industrial Park in Norrköping, Sweden. This is the first European distribution center ProLogis is constructing for Kuehne + Nagel, which currently leases ProLogis facilities in US cities including Chicago, Indianapolis, Portland, Ore., Columbus, Ohio, and Washington, D.C., for a total of 243,326 square feet (22,878 m2).


“Kuehne + Nagel is an ideal business partner – their strategy of offering customers global integrated logistics solutions seamlessly matches ProLogis’ global reach of distribution facilities,” said Roger P. Peters, vice president of ProLogis. “Their high level of customer satisfaction with our facilities in the US helped make this agreement a reality.”

The Kuehne + Nagel agreement marks the third investment in Sweden for ProLogis and brings the total leased portfolio in Sweden to more than 80,000 m² (over 800,000 square feet) with facilities in Örebrö (45,940 m2) and Norrköping (22,638 m²). The facility will be located in Händelö Industrial Park in Norrköping and provide easy access to the adjacent E4 motorway to Stockholm and Malmö. Alternative transportation such as rail and sea may also be available, as the facility offers potential rail access and is situated in close proximity to the harbour for shipping to the Baltic Sea region.

“Kuehne + Nagel experienced strong growth in the past year, and our need to expand became quite clear,” said Ulf Sundberg, Managing Director of Kuehne & Nagel AB. “Based on comprehensive discussions with ProLogis, we finalized the agreement for the development of our new facility which will be extremely important as we enhance and grow our business for customers.”


About ProLogis

ProLogis is a leading provider of distribution facilities and services with 240.2 million square feet (22.3 million m2) in 1,764 distribution facilities owned, managed and under development in 71 markets in North America, Europe and Asia (excludes temperature-controlled distribution facilities). ProLogis continues to expand the industry's first and only global network of distribution facilities with the objective of building shareholder value. The company expects to achieve this through the ProLogis Operating System®and its commitment to be 'The Global Distribution Solution' for its customers, providing exceptional facilities and services to meet their expansion and reconfiguration needs.