Industrial property specialist Prologis signed a total of 285,000 m2 of new lease agreements in its European portfolio during the third quarter of 2011. Lease renewals totalling 608,000 m2 were also signed during the same period.

In addition the company announced the acquisition in France of 19,000 m2 of industrial space at Prologis Park Paris Nord II and just under 25,000 m2 at Prologis Park Isle d’Abeau near Lyon. The Paris Nord II acquisition includes the long-term leaseback of the building to Sun City, a specialised importer of garment designs and licensed accessories. The building at Isle d’Abeau, acquired by Prologis European Properties Fund II (PEPFII), is fully rented to ND Logistics.

Prologis also completed the disposal of 10,400 m2 of distribution space in Basingstoke, south west of London, to Sainsbury's, the UK food retailer, on behalf of Prologis European Properties (PEPR).

Finally there are three new developments underway, two in Germany and one in France, covering 28,300 m2 for a total investment value of EUR 24.4 mln.

'We are pleased to report a strong level of leasing activity across Europe, at 300 to 400 basis points above market average, in this challenging environment,' said Philip Dunne, president of Prologis Europe.