Following planning and negotiations, the Prologis European Properties Fund II (PEPF II) has recently finalized an important contract in Budapest’s (Hungary) Central Business Park.
Specifically, the company recently bought the Hungarian M0 Central Business Park, from IDI Gazeley. With this latest deal, Prologis has managed to add two facilities totaling 31.443 square meters of distribution space to its portfolio. The real estate transaction was facilitated by the JLL consultancy company. In total, Prologis now owns 150.000 square meters of real-estate in the Budapest-Sziget Prologis industrial area.
The logistics park, located South-East of Hungary’s capital city of Budapest, is part of the Szigetszentmiklós industrial zone, an area with high demand from multiple businesses. One of the reasons is the access this area has to national and international roadways, through the M0 ring road.
Some of the customers, part of the newly-acquired property, include, but are not limited to: Quality Logistics Management, United Performance Metals CEE, UTi Hungary, Easi Uplifts and FM Logistic.
With complete control over the logistics park, Prologis hopes to ‘create additional value in the future’, according to the Senior Vice President and Country Manager, László Kemenes.
Apart from this, the mother-company, Prologis, Inc., managed to finalize 18 build-to-suit development projects in the second half of 2016. For the entire year, the company completed 34 projects, at a total area of 12,3 million square feet (1,14 million square meters). The build area for these projects has, therefore, increased by 15% over the projects started in 2015.
Prologis Inc. is known as the global leader in real estate logistics. With businesses in 20 countries worldwide, the company is currently managing more than 62 million square meters of properties.