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PADOVA-Cosecon, a business consortium that promotes the development of industrial projects in northeastern Italy has sold 70 acres south of here to publicly traded ProLogis, the Denver, CO-based worldwide developer and owner of distribution space. The land will hold 1.5 million sf of facilities that ProLogis plans to spread among six buildings, the first of which will be ready for occupancy late next year and contain 215,280 sf. ProLogis Park Padova will be located approximately 19 miles south of Padova, near the town of Vescovana in the Veneto region, which ProLogis officials say features some of the highest manufacturing productivity rates in the Western Europe. In addition, the region is a key link between north and central Italy and northern and eastern Europe. The park will be located close to the A4 on the Corridor 5 and will be connected to the rail line linking Bologna and Venice. ProLogis VP Alexandra Lopes, vice president of ProLogis, states in a company announcement that the land acquisition provides entry into a new market for ProLogis within Italy, where its completed facilities are 100% leased. The purchase price for the land has not yet been revealed. In July, ProLogis announced a build-to-suit agreement with NYK Logistics, an international third-party logistics company, for 355,804 sf in ProLogis Park Romentino, located 22 miles West of Milan. In addition to the build-to-suit, ProLogis also will develop three additional facilities totaling 861,000 sf and complete the buildings before the end of next year.

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