American industrial specialist ProLogis has bought a key development site in Barcelona for a US$85m industrial and distribution complex.
ProLogis Parc Sant Boi will have140,000 sq m (1.5m sq ft) developed on a speculative and design & build basis. The site, 4km north of Barcelona airport, totals 400ha (988 acres).
Jeffrey Schwartz, MD in charge of international operations, explained that the scheme is one of the biggest in the Barcelona region for the last three years.
He added: “We see Barcelona, as well as Madrid, as having a strategic importance to our network as we seek to become the first and only Pan European services group. ProLogis Parc Sant Boi will be our flagship distribution park in Spain.”
After spending a year on site assembly, ProLogis is now completing negotiations to buy the Barcelona site from a number of local landowners.
The US REIT (Real Estate Investment Trust) European expansion plans will not stop there. Schwartz revealed that ProLogis is about to announce new development sites in both Germany and Italy but denied that it would make a full-scale corporate acquisition to get a foothold in those countries, following its purchase last year of Garonor in France and Kingspark in the United Kingdom.
ProLogis has a market capitalisation of US$6.5bn and around 11.8 sq m of distribution space in its current development programme worldwide. Its European headquarters is at Schiphol in the Netherlands and it has industrial holdings in Belgium, France, UK, Spain, Poland and Central Europe.
King & Co’s Barcelona office is advising ProLogis on the acquisition of Parc Sant Boi and has been appointed sole letting agent.
EGi News 26/03/99
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