Prologis Announces Fourth Quarter and Full Year 2017 Activity in Europe

Prologis Announces Fourth Quarter and Full Year 2017 Activity in Europe

Prologis, Inc., the global leader in logistics real estate, today  announced fourth quarter and full year 2017 activity in Europe.

2017 High-lights:

  • Occupancy stable at 96.6 percent
  • 3.90 million square metres of leased space
  • 2.08 million square metres of building and land acquisitions
  • 917,500 of development starts

Operating Performance

Prologis Europe ended the  fourth quarter with high occupancy, closing the year at 96.6 percent.  The company signed 384,000 square metres of new leases and 650,000  square metres of renewals in the fourth quarter. For the full year 2017,  new leases and renewals comprised 3.9 million square metres.

2017 was yet another historic year for Prologis Europe. Strong demand on the continent has seen healthy supply increases and notable leasing activity, we were one of the most active developers of 2017. Our development pipeline meets the high demand for new space and the growing expansion needs of our customers.

Ben Bannatyne, president, Prologis Europe

Accelerated demand on the continent and sustained demand in the UK led to the strongest year of net absorption on record: 8.6 million square metres, an increase of 27 percent over 2016.

Notable new leasing activity in the fourth quarter included:

  • 81,740 square metres for Cdiscount at Moissy Chanteloup, France
  • 45,144 square metres for Empik Group in Sochaczew, Poland
  • 24,078 sqm for XPO Supply Chain at Isle d’Abeau in Lyon, France
  • 11,238 square metres for Thethford B.V. Etten Leur, Netherlands

Development Starts

Supply of Class-A distribution facilities picked  up, notably through supply in Poland and resurging development activity  in the UK. In the fourth quarter, Prologis Europe started 15  developments in the Czech Republic, Italy, Spain, Slovakia and the UK  totalling 216,000 square metres; 22 percent was build-to-suit and 78  percent speculative with 25 percent preleased. Over 2017, Prologis  started 40 developments, totalling 917,500 square metres.

Development starts included:

  • 35,585 square metre speculative build at Prologis Park Nitra DC2, 57 percent preleased, Slovakia
  • 27,572 square metre build-to-suit for SDA at Bologna DC17 and DC16, Italy
  • 26,443 square metre build-to-suit for ID Logistics EU at Penedes, Barcelona in Spain
  • 16,500 square metre build-to-suit for Kering Italia Spa at Padua, Italy

Acquisitions and Dispositions

In   the fourth quarter, Prologis  acquired €37.5 million of buildings   totalling 55,000 square metres and  three land plots totalling 134,000   square metres in Italy, Sweden and  the UK. Full year 2017 saw a total  of  €116.9 million of building  acquisitions spanning 134,291 square  metres  and 24 land plots  totalling 1.96 million square metres. During  the year,  Prologis sold  assets in the Austria, the Czech Republic,  France,  Germany, Italy, the  Netherlands, Poland, the UK and Slovakia  for a total  of €545.7  million.

European Fund Development

Prologis   streamlined and  strengthened  its European fund business in 2017. The   formation of UK  Logistics  Venture (UKLV), a 7.6 million square metre   portfolio,  resulted in  it’s first fund dedicated to the UK market. UKLV   has a  total expected  value of approximately ?1 billion GBP ($1.25B  USD).  The  company also  closed the combination of Prologis Targeted  Europe   Logistics Fund  (PTELF) and Prologis European Properties Fund II  (PEPF   II) to create  Prologis European Logistics Fund (PELF), an €8.2  billion    sector-leading open-ended fund. These two highly complementary     portfolios span 32,3 million square metres across 12 countries. In     conjunction with its formation, S&P has rated the venture’s credit at A-.

A key component of our business strategy in Europe is to hold our properties in a series of differentiated funds. UKLV and PELF are an extension of this strategy to meet the capital needs of today’s growth markets across Europe.

Ben Bannatyne, president, Prologis Europe

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 17.0 million square metres in Europe.
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