Prologis signs build-to-suit agreement for 367,5000 sq ft facility at Midpoint
4 January 2013
Prologis, Inc., the leading global owner, operator and developer of industrial real estate, today announced it has signed a lease agreement with The Pallet Network (TPN) for a new 367,500 square foot purpose built warehouse at Prologis Park Midpoint in the West Midlands.
TPN, which is one of the UK’s leading palletized freight distribution networks, has occupied a 312,000 square foot distribution hub at Prologis Park Midpoint since January 2010. The new cross-docked facility which is designed to achieve BREAAM 2011 ‘very good’ accreditation and the best EPC rating possible for its size range, will allow the company to expand its capacity. Construction work will start in early 2013 and completion is planned for the end of the year. Prologis Park Midpoint is close to the M6, M6 Toll and the M42 motorways with easy access to 11 motorway junctions.
“Midpoint is the perfect location for our business and we are delighted at the prospect of moving to a larger building on the same site,” said Adam Leonard, managing director of TPN. “Since we are within easy reach of 11 motorway junctions, we can provide the best possible service to our members and their customers. This new facility will not only allow us to develop our business, it will also help us to secure our long-term future in the West Midlands.”
The new distribution centre will be the third Prologis building that TPN has occupied. The company originally leased a 224,000 square foot unit at Prologis Central Park Rugby before expanding into the speculatively-built 312,000 square foot distribution centre at Prologis Park Midpoint.
“We have been working with TPN for a number of years and it is very good news that the company has chosen to stay with Prologis,” said Andrew Griffiths, managing director, Prologis UK. “There is now a very short supply of standing stock, so we are pleased that we are able to offer our customers strategic land opportunities that we can develop on a build-to-suit basis.”