Industrial property specialist ProLogis has bought 70 acres (28 ha) of land in Veneto, a region of northern Italy, to develop a 1.5m sq ft (142,000 sq m) distribution park, it was announced today.
The site, located 19 miles south of Padova, was sold by local business consortium Cosecon for an undisclosed sum.
The scheme will be called ProLogis Park Padova and will comprise six distribution units. Construction is expected to begin in spring 2005, with completion due in September.
Alexandra Lopes, vice-president of ProLogis, said: ‘This land acquisition provides entry into a new market in Italy for ProLogis. All of ProLogis’s properties in Italy are 100% leased and ProLogis Park Padova will offer warehouses for both local and global customers.’
The acquisition comes two weeks after the company completed a 310,000 sq ft (28,800 sq m) letting deal with Co-Op at ProLogis Park in Coventry.
ProLogis owns and manages more than 290m sq ft (27m sq m) of industrial, distribution and warehouse space worldwide.
References: EGi News 16/12/04
