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LONDON-ProLogis, the largest industrial real estate investment trust in the world, has bought its first property in the Czech Republic. It bought the 872,239-sf D1 Logistics Park from AIG and Lincoln Development for an undisclosed price, and it plans to relaunch the five-building park as ProLogis Park Prague.

ProLogis has already begun construction of a 279,864-sf facility on adjacent land, and the new building is expected to be occupied by February 2003. Overall, the 37 acres of undeveloped land at the park could accommodate an additional 861,120 sf.

“ProLogis has been very active in Central Europe this year; currently we have six parks operational in Poland and another park recently opened in Hungary,” said Hans van Luijken, First Vice President of Central Europe for ProLogis. “ProLogis Park Prague will provide a prime location for customers that need to distribute goods throughout Central Europe. With a large amount of undeveloped land, we now have the ability to serve the increased demand for high-quality distribution space in the Czech Republic.”

Jones Lang LaSalle represented ProLogis in the acquisition.

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