Prologis European Properties (PEPR), Europe's largest owner of modern warehouse distribution facilities, has announced the conclusion of a lease extension and expansion with Schneider Electric, a global specialist in energy management, covering a total of 40,800 m[sup]2[/sup] in Sant Boi de Llobregat near Barcelona, Spain.
Prologis European Properties (PEPR), Europe's largest owner of modern warehouse distribution facilities, has announced the conclusion of a lease extension and expansion with Schneider Electric, a global specialist in energy management, covering a total of 40,800 m2 in Sant Boi de Llobregat near Barcelona, Spain.
Schneider Electric extended its existing 28,100 m2 lease in Prologis Park Sant Boi for another four years to January 2020 under the existing terms. In addition, Schneider Electric has expanded into an adjacent 12,700 m2 facility to the same maturity date at market rents, following early vacation by the previous customer.
Simon Nelson, head of asset management of PEPR said: 'We continue to work closely with customers to provide flexible, cost-effective solutions for their supply chain needs. This approach, combined with our portfolio of modern, efficient distribution facilities has enabled us to maintain industry-leading occupancy levels despite the global downturn.'
The transactions were completed on behalf of PEPR by Prologis, manager of the PEPR portfolio.
As at 31 March 2009, PEPR had a portfolio of 246 buildings, covering 5.2 mln m2 in 11 European countries, with an estimated net open market value of EUR 3.4 bn. The portfolio has an occupancy level of 97.0% and an average of 3.9 years to the next lease break or 6.2 years to lease expiry.
