Industrial property specialist Prologis has acquired a 12,600 m2 distribution facility in Tongeren, Belgium on behalf of its venture with the Norwegian oil-fuelled pension fund Norges.
Industrial property specialist Prologis has acquired a 12,600 m2 distribution facility in Tongeren, Belgium on behalf of its venture with the Norwegian oil-fuelled pension fund Norges.
Financial details were not disclosed.
Known as Prologis European Logistics Partners (PELP), the partnership is a 50-50 joint venture between Prologis and Norges Bank Investment Management.
Situated on a 12-acre plot at Heesterveldweg 14, the facility is located next to the E313 motorway between Antwerp and Liege in the eastern Belgium. It is available immediately for rent and offers expansion potential of up to 13,000 m2.
Prologis currently manages a 21,000 m2 facility at the site for PELP. With this acquisition, the total distribution space under management in Tongeren comes to 33,600 m2.
'We continuously seek opportunities to expand our portfolio so we can offer a wide variety of top quality facilities in the best locations across the Benelux,' said Bram Verhoeven, vice president, Prologis Benelux. 'The acquisition of this Class-A distribution facility is a good example of our strategy in action.'
The acquisition boosts PELP’s portfolio in Europe to 207 logistics facilities totalling 4.8 million m2.
