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MILAN-ProLogis is expanding its logistics park near here by 467,000 sf. The news comes on the heels of a 120,000-sf lease that was signed for an existing 240,000-sf building that ProLogis acquired last year along with adjacent land on which the new building is under construction.
The existing building and expansion land sit adjacent to Park Lodi, a 2 million-sf industrial park ProLogis developed 15 miles south of Milan. ProLogis acquired the land for Park Lodi in 2003 and acquired the adjacent building and expansion land last summer. The new building will be complete in the first half of 2006.
The company that recently leased half of the building is Alvi Srl. A subsidiary of Italy-based Gruppo Marazzina, Alvi is a distributor of food and other products.
Both buildings are expected to be placed in ProLogis European Properties Fund upon stabilization, which for ProLogis is when a property is at least 93% leased. ProLogis has a 21.8% interest in the fund, according to the report.
This time last year, ProLogis held about 70 Central European properties in its European Properties Fund, according to an SEC filing. The properties totaled 12.6 million sf, were 90% occupied and represented an investment of $964.37 million, according to the filing. Of that total, 15 buildings totaling 4.82 million sf were located in and around Milan.
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