[photopress:logistics_prologis.jpg,full,alignright]ProLogis is already in 18 cities in China and now wants to expand. Part of this planned expansion is a $60 million logistics park in Shanghai scheduled for completion by 2009. This is a warehouse project near Shanghai’s Hongqiao International Airport, which is doubling its annual handling capacity to 3 million passengers and 1 million ton of freight by 2010.
ProLogis has 12.7 million square feet (1.2 million square meters) of industrial distribution facilities in operation and under development in China.
Last November, ProLogis signed a strategic cooperation agreement with China’s largest warehouses and logistics enterprise — China National Materials Storage and Transportation (CMST) and its core subsidiary Zhong Chu Development Stock — in order to establish a joint venture. And, in March, ProLogis announced its expansion in China with operations beginning in five main inland distribution markets: Changsha, Chongqin, Chengdu, Wuhan and Nanjing.
Earlier this month, ProLogis announced the lease of 67,000 square feet in China to Best Buy, the global retailer of electronics, appliances and other consumer products. Best Buy will occupy one half of a distribution center at ProLogis Park Minhang, a new industrial park under development in Shanghai. The company will use the building to support retail stores in the Shanghai market. The park, which includes five warehouses with more than 600,000 square feet, was completely pre-leased.
ProLogis Park Minhang is located in Shanghai’s Minhang District, home to a large number of government-sponsored industrial parks and manufacturing facilities operated by multi-national companies. ProLogis acquired the park site, which included land and a single distribution center, in September 2006, and is currently building four new warehouse facilities on the property.
Source: CPN
You must log in to post a comment.