Prologis Spain reports strong leasing performance

Logistics specialist Prologis said leasing activity in Spain grew 30% in 2012 compared to 2011.

The company made the announcement at the annual MIPIM real estate conference in Cannes.

Leasing activity was driven primarily by six new lease agreements totalling 58,000 m2 at parks in Barajas, Alcalá de Henares and Coslada in Madrid; Valls and Sant Boi in Catalonia; and Massalavés in Valencia. Renewals totalled 105,300 m2.

Occupancy across the company’s Spanish portfolio also grew to 82% at the end of 2012, up from 76.2% at the start of the year.

'The economic environment continues to be challenging in Spain, so the growth in lease activity and occupancy is both welcome and encouraging,' said Pere Morcillo, leasing officer and manager of properties'commercialisation at Prologis Spain. 'As the market leader with the highest quality, strategically located facilities, Prologis is well placed to serve new and existing customers looking to improve the efficiency and cost-effectiveness of their logistics operations.'

For the first time since 2010, Prologis expanded its Spanish portfolio with the acquisition of a park at La Granada del Penedés, Barcelona. The park’s three facilities provide 60,600 m2 of new distribution space.