Construction on the Darty facility will begin this spring with expected completion in late fall of this year. ProLogis is touting the transaction as one of the largest build-to-suit agreement in France over the last 18 months. Ranald Hahn, managing director for ProLogis in Southern Europe, says this is the company's first development agreement with Darty.
According to SEC filings, ProLogis acquired the land for the park in 2002 at a cost of $3.3 million and paid an additional $15 million for two existing buildings. ProLogis says it now owns and leases 12 facilities in the park, totaling more than 3.1 million sf. According to the ProLogis Web site, there is about 300,000 sf of existing space that is available for lease in the park.
All told, ProLogis controls 237.2 million sf in 1,759 distribution facilities in 68 markets in North America, Europe and Asia.
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