Amsterdam-listed Prologis European Properties (PEPR) has announced that it has signed two lease extensions covering a total of 29,500 m[sup]2[/sup] in the Netherlands and France.
Amsterdam-listed Prologis European Properties (PEPR) has announced that it has signed two lease extensions covering a total of 29,500 m2 in the Netherlands and France.
The company said that the first agreement was signed with a multinational logistics group for a 20,800 m2 lease extension in Prologis Park Venlo in the Netherlands. The company will extend its occupancy in Venlo DC2 for a further four years to March 2013.
The second agreement was signed with a French third party logistics provider for 8,700 m2 at Aulnay, outside Paris. The company will almost double its occupancy in Aulnay DC26, by taking an additional 4,000 m2 of previously vacant distribution space. The company currently leases 4,700 m2 in the same facility. The new lease agreement will run for nine years, with a break option in 2014.
Simon Nelson, head of asset management of PEPR said: 'These transactions, which are in line with current market levels, demonstrate our proactive asset management and enable us to sustain our high occupancy levels and rental income. In addition, we are delighted to have the opportunity to extend our relationships across Europe with these existing clients.'
The transactions were completed on behalf of PEPR by Prologis, manager of the PEPR portfolio.
