Industrial REIT ProLogis (NYSE: PLD) will develop a 300,000 sq. ft. industrial facility in northern Germany. The anchor tenant will be Meyer & Meyer Internationale Spedition, an international provider of logistics services to the fashion and textile industries.
This isn’t the first time that ProLogis has developed a German facility. The REIT has a total German portfolio of roughly 4.2 million sq. ft. owned, managed or under development in locations around Cologne, Frankfurt, Hamburg, Munich, Stuttgart and other key markets. Tenants include C&A, Geodis, NYK Logistics and ABX Logistics.
The new building will be located near the city of Hanover. It will enable Meyer & Meyer to consolidate operations currently housed at a number of different locations in the area, and also serve as a regional headquarters facility for the company.
"Meyer & Meyer evaluated a number of possible developers before selecting ProLogis for this important project," says ProLogis vice president Roland Hennebach. "Our international scale and reputation for quality were key factors in their decision, and we’re pleased to be working with them as their industrial facilities provider."
Construction will begin this month. The project is expected to be completed in the second half of this year.