DENVER -- ProLogis, a global provider of distribution facilities, recently announced it has signed two build-to-suit agreements, totaling approximately 522,000 square feet.These transactions will be second-quarter development starts and represent approximately $60 million of total expected investment. Including previously announced development transactions, these transactions bring ProLogis' year-to-date 2010 global development starts to approximately $437 million of total expected investment with approximately $133 million of ProLogis land.
Combined with year-to-date third-party sales of approximately $47 million, ProLogis has monetized $180 million of land. The company has established goals of $700 to $800 million of global development starts and $350 to $400 million of land monetization during 2010. The build-to-suit projects include agreements in:-- Moissy-Cramayel, France, where the company will construct a 342,000-square-foot distribution facility for a major third-party logistics company on ProLogis-owned land at ProLogis Park Chanteloup, located approximately 18 miles south of Paris near the A5, A4 and A6 motorways. -- Northern Japan, where ProLogis will construct a 180,000-square-foot distribution facility for one of Japan's leading retailers on ProLogis-owned land.
After completion, the development will be sold to the customer at a pre-committed value.