ProLogis and New Wave Logistics Expand Global Relationship With Build-To-Suit Agreement in Germany
FRANKFURT, Germany, March 26 -- ProLogis , a leading global provider of distribution facilities and services, announced today that it has signed a build-to-suit agreement for a 171,157 square foot (15,901 m2) distribution facility in Frankfurt, Germany with New Wave Logistics (Deutschland) GmbH, a subsidiary of NYK Logistics, the second largest shipping and carrier company worldwide. New Wave Logistics will use the facility to serve Toyota, one of the world's largest automotive manufacturers.
"New Wave Logistics was greatly impressed with ProLogis' flexibility and customer-oriented attitude, which will facilitate the expansion of our business activity in Europe," said Koji Shinozaki, Director of New Wave Logistics. "During the complex planning and development phase, ProLogis demonstrated a thorough and professional understanding of a logistics provider's technical and economic needs."
The distribution facility is planned for construction at ProLogis Park Alzenau, located in the Rhine-Main region of Frankfurt, Germany. Construction will begin in May 2003 and is scheduled for completion in November 2003. The state-of-the art facility will feature a modern sprinkler system and both single loading and cross dock platforms. Upon full development, ProLogis Park Alzenau will accommodate 807,293 square feet (75,000 m2) of high-quality logistics space.
"The growth of the relationship between ProLogis and New Wave Logistics strengthens the presence of both companies in Frankfurt and throughout Germany," said Jorg Schroeder, vice president for ProLogis. "This region is one of the most important German target markets for ProLogis as it provides convenient access to leading regional highways and is located in close proximity to Frankfurt Airport."
This latest agreement marks the expansion of ProLogis' global relationship with New Wave Logistics. In addition to this facility, New Wave Logistics and its affiliates also lease 1.8 million square feet (167,227 m2) of distribution space in six markets globally.
About ProLogis
ProLogis is a leading provider of distribution facilities and services with 226.6 million square feet (21.0 million square meters) in 1,760 distribution facilities owned, managed and under development in 70 markets in North America, Europe and Japan. ProLogis continues to expand the industry's first and only global network of distribution facilities with the objective of building shareholder value. The company expects to achieve this through the ProLogis Operating System(R) and its commitment to be 'The Global Distribution Solution' for its customers, providing exceptional facilities and services to meet their expansion and reconfiguration needs.
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