Prologis Signs UK Build-to-Suit Deal - Analyst Blog
11 Ottobre 2012 - 6:45PM
Zacks
Prologis Inc.
(PLD), a leading industrial real estate investment trust (REIT),
has recently signed a new build-to-suit agreement to construct a
turnkey distribution center spanning about 300,000 square feet in
the U.K., for an undisclosed amount. The deal was penned with
Network Rail, which operates, maintains and develops rail tracks,
bridges, tunnels, level crossings, viaducts and 17 key stations in
the U.K.
The proposed construction is slated to come up at Prologis Park
Ryton in the West Midlands region and is scheduled to be complete
in March 2013. The facility is strategically located on the A45
road off the central U.K. motorway network and in close proximity
to Coventry Airport, which is one of the most easily accessible
airports in the country.
Besides its locational advantage, the facility is designed to
achieve a “Very Good” accreditation from Building Research
Establishment Environmental Assessment Method (BREEAM) that sets
the standard for the best practice in sustainable building design,
construction and operations. In addition, the project is expected
to receive the best possible Energy Performance Certificate (EPC)
ranking based on its energy efficiency
rating.
The agreement showcases the inherent high quality of the properties
of Prologis and signifies a growing demand for Class A logistics
space in the U.K. Earlier, in May and September 2012, Prologis had
also signed two build-to-suit agreements to construct a new
e-commerce distribution hub spanning 473,000 square feet and
810,000 square feet of distribution space respectively, in Osaka,
Japan.
With improving property values and growing institutional demand for
quality properties, Prologis has witnessed a growing customer
interest in new build-to-suit development projects across the
globe. Additionally, leasing decisions that were earlier postponed
due to volatility in the markets are gradually coming off the
shelf.
Prologis acquires, develops, operates and manages industrial real
estate space in North America, Asia and Europe. As of June 30,
2012, Prologis had approximately 18 million square feet of
logistics and distribution space in the U.K.
We currently have a Neutral recommendation and a Zacks #2 Rank for
Prologis, which translates into a short-term Buy rating. However,
we have an Underperform recommendation and a Zacks #5 Rank
(short-term Strong Sell rating) for Winthrop Realty
Trust (FUR), one of the peers of Prologis.
WINTHROP REALTY (FUR): Free Stock Analysis Report
PROLOGIS INC (PLD): Free Stock Analysis Report
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