SAN FRANCISCO, July 10, 2018 – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced it completed 16 build-to-suit development projects in the first half of 2018 totaling more than 6.2 million square feet with a total expected investment (TEI) of approximately $475 million on a Prologis share basis.
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During the same period, the company initiated 14 build-to-suit development starts representing over 4.7 million square feet with a TEI of approximately $450 million on a Prologis share basis. Consistent with first-half completions, the majority of these starts were signed with multi-site customers and are located in urban markets that are positioned for Last Touch® operations.
“Our multi-site customers, many of whom are focused on e-commerce, continue to drive strong results in our build-to-suit business,” said Michael S. Curless, chief investment officer, Prologis. “Our development activity is focused in major population centers because our customers need facilities close to their end consumers.”
*Due to confidentiality, Prologis does not disclose customer names at this stage of development.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 683 million square feet (63 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,000 customers across two major categories: business-to-business and retail/online fulfillment.