ProLogis European Properties (PERP) has acquired a 43,400 m[sup]2[/sup] distribution centre in Blois, Central France. It is fully leased under a long-term agreement to the logistics and distribution subsidiary of Redcats, a leading home shopping retailer, and will serve as the primary distribution hub for Redcats' mail-order line of home furnishings in France.
ProLogis European Properties (PERP) has acquired a 43,400 m2 distribution centre in Blois, Central France. It is fully leased under a long-term agreement to the logistics and distribution subsidiary of Redcats, a leading home shopping retailer, and will serve as the primary distribution hub for Redcats' mail-order line of home furnishings in France.
The facility was built by IDEC, a local developer, and PERP is to add a 12,000 m2 expansion of the warehouse at Redcats' request. This work will be completed in the first half of 2007. The total investment will then be EUR 29 mln and ProLogis said this is expected to provide an initial yield of 7.47%. The lease term is nine years.
ProLogis, the world's largest owner, manager and developer of distribution facilities, also announced that its ProLogis Japan Properties Fund II is to acquire eight distribution centers in Japan, with a total lettable area of 159,000 m2, from cosmetics manufacturer Shiseido and Hitachi Transport for $136 mln (EUR 103 mln).
