ProLogis Acquires 1M-SF Park

BUDAPEST-ProLogis European Properties Fund is the new owner of Harbor Park, a 1.1-million-sf distribution park here that can be expanded by an additional 538,000 sf. Denver-based ProLogis says the acquisition doubles the size of the company’s portfolio of Hungary properties owned and under development to 2.1 million sf. Harbor Park consists of nine distribution facilities, all of which were developed in the last four years. ProLogis did not reveal the seller or the purchase price; however, the seller is believed to have been the developer, Budapest-based H.I.D. Kft. (formerly Crow Holdings Magyarország Kft.). HID Kft. could not be reached Monday for comment. The park is located adjacent to the Danube River on the southern border of Budapest, seven miles south of the CBD. The park is accessed via national road N6, which connects with Budapest’s M0 ring road, which is being extended to provide direct access to the airport. Harbor Park tenants include Schneider Electric (parent company of Schneider Electric Hungaria); Pactiv Corp. (Pactiv Hungary Kft.); Chinoin (Sanofi Synthelabo Group); Rewico Group Istersped; and Budapest Papir. Schneider Electric and Pactiv Corp. also lease space in other ProLogis parks.ProLogis owns, manages or has under development 321 million sf in 76 markets in North America, Europe and Asia. The company’s managing director of Northern and Central Europe Robin von Weiler says the acquisition makes ProLogis “the leading owner and developer of distribution space in Hungary. ProLogis did not return a GlobeSt.com phone call seeking, among other information, the data that backs up that statement.