Prologis, Inc. (PLD), the San Francisco, CA-based industrial real estate investment trust (‘REIT’), has inked a deal with Hoofddorp, Netherlands-based global courier delivery services company, TNT Express N.V. The company signed a build-to-suit deal with TNT in Madrid, Spain for a total space of 139,000 square foot. Through this deal, the REIT’s relationship with TNT will extend to six markets, spreading across America, Asia and Europe.
The facility offered by Prologis will be positioned at Puerta de Madrid which is a Class-A-logistics park located at one of most attractive logistics areas in the Spanish market. The property enjoys a direct access to the A2 corridor, which connects Madrid, Barcelona and Zaragoza. Further, the park is situated close to the Madrid–Barajas Airport and is 15 minutes away from Madrid city center.
Notably, Prologis is a leading provider of industrial real estate in the Spanish market. As of Sep 30, 2014, the REIT holds a logistics and distribution space of around 9.6 million square feet in Spain. The latest investment will expand the company’s portfolio in Spain, filling in the gaps in the supply of Class-A logistics facilities in Madrid.
Currently, Prologis carries a Zacks Rank #2 (Buy). Investors interested in Equity-REITs may also consider stocks like Corrections Corporation of America (CXW), Ashford Hospitality Trust, Inc. (AHT) and Cousins Properties Incorporated (CUZ). While both Corrections Corporation and Ashford Hospitality Trust sport a Zacks Rank #1 (Strong Buy), Cousins Properties holds the same Zacks rank as Prologis.
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