Prologis Breaks Ground on 21,000 Square Metre Speculative Facility at Prologis Park Budapest-Sziget
BUDAPEST (21 April 2016) - Prologis, Inc., the global leader in logistics real estate, today announced that it has broken ground on a speculative facility, totalling 21,000 square metres, at Prologis Park Budapest-Sziget. Construction is scheduled for completion in the third quarter of 2016.
Inspired by Earth Day, the eco-themed event was marked by a tree planting ceremony. It is the seventh facility to be built at Prologis Park Budapest-Sziget, which is fully occupied. It is also Prologis’ 38th domestic building and the first speculative development in the Hungarian market since 2008.
“With a portfolio that has 97-percent occupancy and an exceptionally high customer retention rate of 90 percent in Hungary, now is the right time to start expanding our portfolio and launch a new development,“ said Laszlo Kemenes, senior vice president and country manager, Prologis Hungary. “This new state-of-the-art facility meets all the requirements of today’s customers by combining Prologis’ customer-focused, high-quality facility management with its global commitment to sustainability.”
Prologis Park Budapest-Sziget currently comprises six buildings totalling 128,000 square metres. The park is located in the industrial zone of Szigetszentmiklós, in a south-eastern submarket of Budapest that provides direct access to the national and international road network via the Budapest ring highway.
Prologis' portfolio in Hungary totals more than 610,000 square metres of industrial space and includes eight parks in the greater Budapest area and Hegyeshalom. Prologis is the leading distribution space provider in Hungary, with approximately 30 percent of existing market stock.
Prologis, Inc. is the global leader in industrial real estate. As of September 30, 2015, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 670 million square feet (62 million square meters) in 21 countries. The company leases modern distribution facilities to more than 5,200 customers, including third-party logistics providers, transportation companies, retailers and manufacturers.
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management’s beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis’ financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“REIT”) status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading “Risk Factors.” Prologis undertakes no duty to update any forward-looking statements appearing in this document.
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