ProLogis has announced today that it will develop a new, state-of-the-art industrial park at the Port of Dalian in northeastern China.
Through a joint venture, ProLogis has secured land at the port that can support more than 3.1 million square feet (290,000 square meters) of distribution space. The company has also acquired two existing warehouse facilities totaling approximately 235,000 square feet (21,800 square meters), which are currently 95 percent leased to multinational and local shippers and logistics providers.
The new park, to be called ProLogis Park Dalian Port, will serve demand for modern warehouse facilities tied to rising import and export activity at Dalian, China's eighth-largest port by container volume. Dalian is on pace to process approximately 3.2 million containers in 2006, a 20 percent increase over the prior year, and container throughput is expected to triple by the year 2010. Distribution demand is also expected to grow due to the port's status as one of three central government-sponsored free trade zones, and because of its proximity to markets in Korea and Japan.
"Port markets are a lynchpin of our overall strategy in China," said Ming Mei, ProLogis managing director and head of China operations for the company. "Container volume at virtually every major port in the country is growing at remarkable rates and can be expected to do so for the foreseeable future. Over the past two years, ProLogis has established land positions at Chinese ports that can support more than 25 million square feet (2.3 million square meters) of total warehouse development, all of it in prime locations to serve existing and future customer demand.
"Dalian is a natural extension of this strategy. We believe ProLogis Park Dalian Port will become the premier distribution site for this area of northeastern China, and significantly enhance our overall platform and presence in the market."
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