Prologis burgeoning throughout Europe
The property developer, Prologis Europe, closed new leases for 205,000 sqm and renewed the leases for 385,500 sqm last year. The company let out a total of 3.06 million sqm in the full financial year 2018.
Chief investment officer Ben Bannatyne observed: "We completed our long-term asset allocation programme earlier than expected and diverted those revenues to development. Now our focus is on leveraging rental growth and the many benefits that come with our size.”
Prologis Europe purchased buildings with an overall area of 157,663 sqm and 1.7 million sqm of land in full year 2018. Prologis Northern Europe also chalked up success in 2018 as its average letting rate amounted to 97.8%. In the Benelux states, Sweden and Germany some 1.16 million sqm were let.
On top of that, Prologis began to develop projects covering a total of 365,000 sqm and completed acquisitions spread over 73,800 sqm in northern Europe. (mw)