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First Industrial Expands to Netherlands, Belgium

CHICAGO-The REIT is also working on a $505-million joint venture with UBS.

By Gina Kenny | Updated on July 25, 2007

(Read more on the industrial market.)

CHICAGO-First Industrial Realty Trust, based here, is expanding its operations from the US and Canada to Belgium and the Netherlands. The company will focus on industrial developments, redevelopments and acquisitions in Rotterdam, Antwerp, Brussels and Amsterdam, says company president and chief operating officer Mike Brennan.

First Industrial decided to expand for several reasons, with one of them being that a “significant number” of their customers operate in the countries. “Specifically, with the high volumes of containerized freight, we intend to do a lot of development for those customers,” Brennan says. The company also is expanding because of increased needs for development due to “supply chain reconfiguration” and “a very high level of corporately owned facilities that we would intend to buy and redevelop,” he says.

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