Prologis Signs 80,000 Square Meters of Build-to-Suit Developments in the Netherlands
AMSTERDAM (March 1, 2017) – Prologis, Inc., the global leader in logistics real estate, today announced that it has signed two build-to-suit agreements for 80,000 square meters for two retail businesses, one of which is Coolblue. The developments will occur at Prologis Park Tilburg (Coolblue) and Park Weststad in Oosterhout.
Extra development for Coolblue
The first expansion is located in Tilburg. With the development of an extra 37,000 square meters for online retailer Coolblue, Prologis enters the third and last phase of a 100,000 square meter distribution center. The entire facility is leased to Coolblue. The amount of square meters for Coolblue has increased four times the original size in the last three years. With the current expansion, Prologis Park Tilburg comprises a total of 260,000 square meters of state-of-the-art distribution facilities.
“Our success is due to excellent client service. In order to give our clients the best service, we have to be flexible in upscaling our distribution facilities. Prologis is the perfect partner to offer this flexibility. They keep thinking ahead and share our ambitions,” says Pieter Zwart, CEO of Coolblue.
Erik de Ridder, alderman (Economic Affairs) of the municipality of Tilburg, on the expansion for Coolblue: “The growth of Coolblue is quite a success story. That’s why we are very proud that we can host this growth in Tilburg. Together with our partner Prologis, we hope to create even more success the coming years.”
Park Weststad Oosterhout: 45,000 extra square meters
The second expansion will be located at Park Weststad in Oosterhout. Construction will begin in April and will be completed by the end of 2017. The expansion is for an international retailer for which 45,000 additional square meters will be developed. This client already leases 16,000 square meters at this location. After the completion, Park Weststad will comprise 100,000 square meters of distribution space.
A strong finish to 2016
These developments fit seamlessly in the growth that Prologis is currently experiencing. Prologis achieved positive results in 2016 in the European market. In the last year, most space was leased, which led to an occupancy rate of 96,7 percent at the end of 2016. Also, a record number of contracts were signed in 2016— for 3.5 million square meters, a rise of 54 percent compared to 2015. Prologis’ growth in the Netherlands has been impressive. There is a high interest for logistics real estate in the Netherlands, making it one of the fastest-growing markets in Europe.
Prologis is one of the leading providers of logistics real estate in the Benelux, with approximately 2 million square metres of logistics and distribution space as of December 31, 2016.
Prologis was advised by Cushman & Wakefield and Loyens & Loeff for both transactions.