ProLogis - Industrial Development - East Midlands, 6m sq ft of B1, B2 & B8 to be developed

Date: 04 May 2004

ProLogis, has acquired approximately 380 acres in three sites in the East Midlands at Kettering, Wellingborough and Northampton and proposes to develop over 6 million sq ft of B1, B2 & B8; ProLogis plans to speculatively develop over 600,000 sq ft during 2004 on two of the sites.

The acquisitions by ProLogis, Europe's leading distribution developer are: 180 acres at ProLogis Park North Kettering where 400,000 sq ft will be speculatively built; 50 acres at Victoria Park, Wellingborough where 250,000 sq ft will be speculatively built; and 150 acres at ProLogis Park, Swan Valley Phase II, Northampton.

At Wellingborough, ProLogis is the sole developer, whilst at Kettering the company has a joint venture with Barwood Developments, the original owner of half of the site. At Swan Valley, Northampton, whilst controlled by ProLogis, the development is within the umbrella of a collaborative agreement with English Partnerships who will develop nearby residential areas.

Alan Curtis, managing director of ProLogis Developments Limited comments: "In the first quarter of 2004 ProLogis has acquired the lion's share of the Midlands' future distribution market, which coincides with a massive resurgence in the distribution market place this year. We have been working at these sites for the last few years and the planning is now coming to fruition at exactly the right time to provide a vital input to the growth proposed under the Sustainable Communities plan."

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