Prologis to Develop First Speculative Logistics Facility in Hungary Since 2008
WARSAW (8 April 2016) – Prologis, Inc., the global leader in industrial real estate, today announced that it has begun development of a 21,000 square metre speculative facility at Prologis Park Sziget-Budapest.
This will be the first speculative logistics building in the Hungarian market since 2008. Building completion is scheduled for the third quarter of 2016.
The new facility, Building 7, will include a pioneering docking system with 46 docks and three drive–in gates. It will reflect Prologis’ commitment to environmental stewardship by guaranteeing energy efficiency and cost-effective operations.
“This facility will offer Prologis’ customary exceptional property management for our customers and deliver practical solutions, thus combining local expertise with global best practices,” said László Kemenes, senior vice president and country manager, Prologis Hungary. “In addition to the increasing rents at Prologis Park Budapest-Sziget, 98 percent occupancy of our Hungarian portfolio and high customer retention rate together give us the confidence to carry out this development.”
Prologis Park Budapest-Sziget currently comprises six buildings totalling 128,000 square metres of industrial space with the capacity for 15,000 square metres of additional development. The park is located in the industrial zone of Szigetszentmiklós, in a submarket of Budapest, which provides direct access to the national and international road network via the M0 Budapest ring road.
With its active engagement in four CEE countries and a portfolio totalling 4.3 million square metres, Prologis is the leading provider of distribution facilities in Central and Eastern Europe (as of 31 December 2015).
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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