ProLogis Leases Strong - Analyst Blog
ProLogis (PLD), a leading global provider of distribution facilities, signed 56 new leases and leased about 4.0 million square feet of its worldwide development portfolio during the fourth quarter of 2009. The static global development portfolio (development portfolio properties in place) was 68.2% leased at year-end 2009, which was at the higher end of its earlier target of 60%−70%.
About 381,000 square feet were leased to Hitachi Transport System Ltd., a leading third-party logistics provider in Japan. ProLogis signed 1.1 million square feet of new development leases in Asia during the quarter.
About 237,000 square feet were also leased to Biffa, a leading integrated waste management company in the U.K., at ProLogis Park Midpoint in the West Midlands in England. New development leases during the quarter totaled 1.9 million square feet in Europe.
At the same time, about 255,000 square feet were leased to Viega LLC, a manufacturer of plumbing, heating, gas and potable water products. The lessee will occupy the space at ProLogis Park Greenwood in south eastern U.S. ProLogis signed 877,300 square feet of new development leases in North America during the reported quarter.
ProLogis owns and manages interests in over 2,500 distribution facilities, service offices and properties spanning 475 million square feet of space. The company leases its industrial facilities to over 4,500 customers, which mostly include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.
Read the full analyst report on "PLD"
Zacks Investment Research
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
