Ground-breaking ceremony marks start of work on joint venture between DP World and Prologis
London, UK, 6th February 2015:– A ground-breaking ceremony was held at DP World’s London Gateway Logistics Park to mark the start of construction on a 316, 000 square foot distribution facility. The building is being developed speculatively as an equal joint venture between DP World, one of the world’s largest port operators, and Prologis, the global leader in industrial real estate.
The ceremony took place on Friday, 6th February and was attended by Jamal Majid Bin Thaniah, Non-Executive Director and Vice Chairman for DP World, Mohammed Sharaf, DP World Group Chief Executive, and Hamid R. Moghadam, Chairman and Chief Executive for Prologis.
The new single-sided 15-metre high distribution centre, which has been designed to offer flexible distribution space, will have a 55 metre yard and space for expansion.
Located next to DP World London Gateway Port, the U.K.’s most advanced deep-water container terminal, the new distribution centre will benefit from tri-modal infrastructure via sea, rail and road.
The development, which also comprises more than 10, 000 sq ft of office space, is being built on Europe’s largest logistics park, which provides 9.25million sq ft of development space. The facility, which has been designed to achieve BREEAM ‘very good’ accreditation and the best possible Energy Performance Certificate (EPC) for its size, is being constructed by Buckingham Group.
The unit is scheduled to be ready for occupation by the third quarter of 2015 and has the potential to bring approximately 100 full-time jobs.
Jamal Majid Bin Thaniah, Non-Executive Director and Vice Chairman for DP World, said: “Marking the start of work on our joint venture with Prologis is an important milestone for DP World and I am pleased to see this new development at London Gateway Logistics Park.”
Mohammed Sharaf, DP World Group Chief Executive, said: “We were delighted to welcome the global chief executive of Prologis to break ground, which is a significant step in creating more efficient supply chains for the UK.”
Hamid Moghadam, Prologis Chairman and CEO, said: “With its multimodal connectivity and location close to one of Europe’s most vibrant cities, the London Gateway Logistics Park represents the future of the logistics industry.
“Demand has been strong in this market and this property, which is next to the first deep-water port built in the U.K. for over a generation, will cater to customers who want efficient, state-of-the-art distribution facilities.”
Simon Moore, Chief Executive Officer, DP World London Gateway, said: “The start of construction on the joint venture development is a very important moment for the team. We are engaged in discussions with potential occupiers and we are seeing a high level of interest in the new facility.”
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Prologis, Inc. is the global leader in industrial real estate. As of December 31, 2014, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 590 million square feet (55 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4, 700 customers, including manufacturers, retailers, transportation companies and third-party logistics providers.
About DP World London Gateway:
Opened Q4 2013, DP World London Gateway is the UK’s first 21st Century major deep-sea container port and Europe’s largest logistics park. Owned and operated by DP World and situated on the north bank of the River Thames, London Gateway provides unrivalled deep-sea shipping access to the largest consumer markets in the UK.
The port’s location, with its superior operational systems and service, ensure ships load and unload as fast as possible, making London Gateway a world class asset for the UK.
DP World has a portfolio of more than 65 marine terminals across six continents, including new developments underway in India, Africa, Europe and the Middle East. Container handling is the company’s core business and generates more than three quarters of its revenue. In 2013, DP World handled 55 million TEU (twenty-foot equivalent container units). With its committed pipeline of developments and expansions, capacity is expected to rise to more than 100 million TEU by 2020, in line with market demand.