Prologis Leases More Than 1 Million Square Feet in Brazil Development Projects
SAN FRANCISCO, Oct. 4, 2012 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced two new lease agreements totaling 1,067,435 square feet (99,168 square meters) in Sao Paulo, Brazil. The leases were signed with AGV Logistica, a leading third-party logistics provider, and Dafiti, one of Brazil's largest online fashion retailers.
AGV Logistica, which offers complete supply chain solutions to over 160 global and domestic clients, will occupy a 654,710 square foot (60,824 square meters) facility. This will be the first distribution center in the new Prologis CCP Cajamar II Park, located in the Cajamar submarket of Sao Paulo. Construction will begin next month with completion expected in August 2013.
With over 30 million online visitors a month, Dafiti is at the forefront of Brazil's growing e-commerce sector. The leading online fashion retailer will be occupying a 412,729 square foot (38,343 square meters) building in Prologis CCP Jundiai Industrial Park. At full build-out, Jundiai Industrial Park is expected to total approximately 1.6 million square feet (150,781 square meters), and is located in the Jundiai submarket of Sao Paulo, with direct access to Avenida Hermengildo Tonolli.
Cajamar II and Jundiai Industrial Parks are joint ventures with Cyrela Commercial Properties (CCP). Developments within both Parks have been 100 percent pre-leased prior to construction being finished.
"These new agreements highlight the strong demand for Class-A, market-leading facilities in Brazil," said Nick Kittredge, Prologis (PLD)' senior vice president, general manager, Brazil. "In addition to our traditional customers in the third-party logistics and consumer goods industries, we are beginning to see significant demand from e-commerce operators in Brazil. We look forward to accommodating their needs by offering modern distribution facilities that help remove operational bottlenecks."
Prologis CCP is one of the leading providers of industrial real estate in Brazil with approximately 11.7 million square feet (1,086,967 square meters) developed or to be developed in the country as of June 30, 2012.
Prologis, Inc. is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of June 30, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 569 million square feet (52.9 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
SOURCE Prologis, Inc.