ProLogis Lands NYK Logistics in Italy

MILAN-ProLogis and NYK Logistics are taking their relationship to Italy. The Denver-based provider of distribution properties and the Tokyo-based third party logistics company sign a build-to-suit agreement for a 355,804-sf (33,055-m2) distribution facility in Romentino, a city west of Milan where ProLogis holds 47 acres for development as ProLogis Park Romentino. Romentino is 22 miles west of Milan and 12 miles from the Malpensa Airport. ProLogis land is located directly on the A4 connecting Turin and Milan. The NYK facility is scheduled for completion by the end of 2004. The build-to-suit agreement is the ninth between NYK and ProLogis but their first in Italy. NYK also leases space from ProLogis in France, Germany, Hungary, the Czech Republic, Great Britain and the US.According to SEC filings, ProLogis paid $3.7 million for its acreage in Romentino. ProLogis plans to develop three additional facilities totaling 861,000 sf (80,000 m2) in 2005. Its total development cost in Romentino is expected to be upward of $14 million, according to its most recent annual report.