Prologis Signs Build-to-Suit Agreement In China Totaling 452,000 Square Feet Expands Portfolio with Leading Customer to More Than One Million Square Feet
SAN FRANCISCO, April 3, 2013 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global provider and operator of logistics infrastructure, today announced that it has signed a build-to-suit agreement for two facilities in China with Deppon, a leading Chinese logistics provider, totaling 452,000 square feet (41,957 square meters).
The new facilities will be located in southern China at the Prologis Dongguan Shipai Logistics Center and will serve as a regional distribution center for the East Pearl River Delta region. The development will feature an extended truck court to support Deppon's express inbound and outbound operations. The facilities are proximate to the Congguan Expressway, which will be completed by year-end and provide direct access to major cities like Guangzhou and Shenzhen.
"We are very pleased to be able to support the continued success of this leading national logistics provider, an important and repeat customer," said Gary Anderson, CEO, Prologis Europe and Asia. "We see strong demand in Dongguan primarily driven by economic growth, domestic consumption and a sizable manufacturing base."
With this agreement, Prologis' relationship with Deppon will extend to more than one million square feet (92,900 square meters) across five markets in China.
Prologis is the leading global provider and operator of logistics infrastructure and has approximately 36.6 million square feet (3.4 million square meters) of distribution space in Asia as of December 31, 2012.
Prologis, Inc. is the leading global provider and operator of logistics infrastructure, focused on global and regional markets across the Americas, Europe and Asia. As of Dec. 31, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 554 million square feet (51.5 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
The statements in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("REIT") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this release.
SOURCE Prologis, Inc.