Prologis, the New York-listed distribution facilities specialist, has signed two build-to-suit agreements in France and Japan, totalling approximately 48,500 m2. These transactions will be second-quarter development starts and represent approximately $60 mln (EUR 50 mln) of total expected investment.

The French build-to-suit project is in Moissy-Cramayel, where the company will construct a 31,800-m2 distribution facility for a major third-party logistics company on Prologis-owned land at Prologis Park Chanteloup, located 30 kmi south of Paris near the A5, A4 and A6 motorways.

Including previously announced development transactions, these projects bring ProLogis' year-to-date 2010 global development starts to approximately $437 mln of total expected investment with approximately $133 mln of Prologis land. Combined with year-to-date third-party sales of approximately $47 mln, Prologis has monetised $180 mln of land. The company has established goals of $700 to $800 mln of global development starts and $350 to $400 mln of land monetisation during 2010.