ProLogis European Properties (PEPR) renews lease agreement with Unilever in Central Poland
23/01/2007
23 January 2007 – Luxembourg – ProLogis European Properties (Euronext: PEPR), today announced that it has leased an additional 10,500 square meters of distribution space under construction in central Poland to Unilever, one of the world’s largest consumer products companies.
Unilever will occupy the space at ProLogis Park Piotrków, located southwest of Warsaw, under a multi-year agreement. The agreement extends an existing lease with Unilever for 39,800 square meters at the same location. The transaction was completed on behalf of PEPR by ProLogis (NYSE: PLD), manager of the PEPR portfolio.
"We're very pleased to have signed this agreement with Unilever, an important global customer, as they expand their business and distribution operations in central Poland," said Robert Watson, chief executive officer for ProLogis European Properties. "This transaction exemplifies many of the market dynamics we're seeing in Poland, which has established itself as a strategically important distribution hub for leading companies all over the world. It will also be accretive to PEPR, given the higher valuation the expanded facility will have upon completion."
Expansion of the facility is expected to be completed by ProLogis in the second half of 2007.
Unilever currently leases more than 446,100 square meters from ProLogis at locations across North America, Europe and Asia. The global company employs more than 200,000 people in 100 countries, and owns more than 400 brands spanning 14 categories of home, personal care and foods products. In 2005, worldwide turnover totaled €40 billion.
PEPR's total investment in the expansion at the site will be approximately €4 million, and is expected to provide an initial yield of 9.39 percent. The remaining lease term on the existing facility had been three years and will be extended to eight years following completion of the property expansion.
Contacts
ProLogis European Properties +44 207 287 3304
VP Investor Relations: Jennifer van der Eem
jvandereem@prologis.com
M:Communications +44 20 7153 1538 or 7153 1523
Sarah Hamilton / Ed Orlebar
hamilton@mcomgroup.com
/
orlebar@mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, which listed on Euronext
Amsterdam on 22 September, 2006, is a leading pan-European owner
and operator of high quality distribution and logistics facilities.
PEPR's portfolio of real estate is located in 25 submarkets within
11 European countries. Established in 1999, PEPR is a real estate
investment fund (organised as a Luxembourg closed-ended fonds
commun de placement) externally managed by a subsidiary of
ProLogis, a leading U.S. based real estate investment trust that
operates a global network of industrial distribution properties
As at the end of September 2006, PEPR owned 275 distribution facilities covering approximately 5.3 million square metres of leasable space. PEPR's customers are large third party logistic service providers as well as a broad range of companies in the retail and manufacturing sectors.
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