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ProLogis to explore additional markets in China

18 May '06

3 min read

ProLogis, a leading global provider of distribution facilities and services, announced today that it is undertaking a significant expansion of its industrial portfolio in China.

The company has signed agreements to build new distribution parks at a variety of strategic locations across the country, including the new markets of Qingdao, Hangzhou and Ningbo, all located along China's eastern coast.

Initial development at the parks will comprise over 3 million square feet of industrial space and represent an aggregate total investment of more than US$90 million. Delivery of the new facilities will be phased over the course of the next 18 months.

At the end of the first quarter, ProLogis' operational platform in China totaled 4.1 million square feet (381,000 square meters) of industrial space, along with 2.5 million square feet (232,000 square meters) under development at previously announced park locations.

"We continue to see tremendous opportunity in China," said Jeff Schwartz, chief executive officer of ProLogis. "Economic expansion is occurring at extraordinary rates, with GPD growth at close to 10 percent last year and foreign direct investment exceeding $60 billion. Given the fundamental strength of the market environment, we believe the time is right to expand our China platform and broaden our market footprint."

Schwartz noted that ProLogis continues to explore additional markets in China, including a number of inland cities, and will make investments in new locations as warranted by market conditions.

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