ProLogis European Properties maintains high occupancy in France with 102,000 square metres of leasing activity
Luxembourg - 16 February 2009 - ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern warehouse distribution facilities, announced today that it has concluded five lease agreements for a total of 102,000 square metres in France.
Two lease agreements concern nine year lease renewals, at current market rents, to December 2017. Auchan, one of France's largest hyper and supermarket retailers, has renewed its occupancy of 16,000 square metres in Lille DC2. A leading worldwide distributor of electrical parts and supplies, has renewed a 9,700 square metre lease in Lille DC1.
Burton, the textile clothing chain in the French Omnium group, has extended its 13,000 square metre lease in Paris for a further three years until March 2017. Darty, a leading French electrical supplies retailer, will continue to occupy 43,200 square metres of space at ProLogis Park Isle d'Abeau in Lyon until December 2016. Both agreements have an increase in passing rent with a cap on future indexation.
In addition, ND Logistics, a pan-European provider of transport and logistics services, has extended its existing 20,100 square metre lease in Orleans, north-west France, for one year.
Simon Nelson, head of asset management of PEPR said: "We are pleased to maintain our high occupancy level in France during current difficult market conditions. These transactions demonstrate our proactive approach to asset management and our strong customer relationships. As a result of these renewals, PEPR's portfolio in France is now fully occupied."
The transactions were completed on behalf of PEPR by ProLogis (NYSE: PLD), manager of the PEPR portfolio.