But he says First Industrial also has several speculative development projects in its sites that are coming available because the credit crunch has made it difficult for the original developers to obtain viable financing. "Some deals have come on the market where you could take over the development," he explains. "We are not dependent on outside financing for equity. We have the capital to get a project going."

As to what distinguishes First Industrial from its competitors in the European market, Scheers says it's the REIT's broad sweep. "ProLogis has almost a complete focus on big boxes, while we go much broader," he notes. "We look at big boxes, light industrial, cross docking - all things industrial. We also do sale-leasebacks."

The Belgian exec describes First Industrial's European venture as part of an effort to take advantage of global opportunities rather than an alternative to continued US investment. "We serve a number of international companies in the United States, and we get continuous requests asking if we can help them meet their building needs in other parts of the world," he says.

Though he expects the company will gradually add other countries to its portfolio, for the time being it will concentrate on the above four markets, which he points out provide direct or contiguous access to about half of Europe's population. "We see a lot of potential in Western Europe.," he says. "That has to do with the huge presence of ports. All major ports of entry are in the west. With the growing global flow of goods, these are the ports of entry and these will be exporting and importing greater volumes year by year." At the same time, he acknowledges the REIT is closely monitoring Central and Eastern European markets to keep abreast of its economic progress.