ProLogis To Develop 503,000-SF Facility

NEWHOUSE, SCOTLAND-ProLogis has plans in place to develop a 503,000-square-foot distribution facility here for one of the leading UK retailers. While the company expected to lease the space was not named, the retailer is a current ProLogis tenant, leasing more than 300,000 square feet at the ProLogis Park Coventry in the West Midlands, UK.

ProLogis will construct the center on a 32-acre parcel of land it owns here. When construction is complete ProLogis will sell the property to Canada Life Ltd, a subsidiary of Great-West Lifeco. The retailer will then be leasing from Canada Life.

“ProLogis has recently refined its approach to development, and we are extremely pleased to announce another transaction that reflects our efforts to monetize our land bank while also meeting the distribution space needs of a repeat customer,” says Philip Dunne, president of ProLogis in Europe. “It was a combination of best location, security of delivery and customer service that enabled ProLogis to capture this significant piece of new business.”

Construction on the facility is slated to complete by the summer of 2010. The facility will also have the distinction of being the largest new build-to-suit to be under construction in the UK over the past 10 months. ProLogis will also incorporate green building components into the project, featuring rainwater harvesting and a sustainable urban development drainage system.

“ProLogis has an impeccable reputation for its high-quality, energy-efficient design and development,” says Michael White, investment director for Canada Life. “As such, we have been committed to this project early on and look forward to adding this facility to our growing portfolio upon its completion next summer.”