Prologis has announced its first quarter 2015 business activity in Central and Eastern Europe (CEE) on Thursday. The first three month of the year saw the acquisition of a logistics park in Hungary and the start of two speculative developments in Poland.

Acquisitions and Developments

Prologis was active in the first quarter. The company acquired a 69,105 square metre logistics park 23 kilometres west of the centre of Budapest. It has been renamed Prologis Park Budapest M1.

The company broke ground on two speculative developments totalling 46,200 sqm in Poland.

• The first is a 27,650 sqm facility at the fully-occupied Prologis Park Szczecin. The building is already 70% pre-let to Bridgestone Stargard Sp. z o.o. and to a home furnishings company.
• The second is a 18,550 sqm facility at Prologis Park Wroclaw V. The facility is the sixth to be built at this fully-occupied modern park.

Prologis delivered two speculative buildings totalling 53,600 sqm, including 30,000 sqm at Prologis Park Prague-Airport and 23,600 sqm, which is already fully leased, at Prologis Park Bratislava. Currently, the company has five industrial facilities under construction, totalling more than 121,000 sqm.

Leasing Activity

The company leased approximately 532,000 sqm, 77% more than it did in the same period in 2014. This activity comprised new lease agreements totalling 164,000 sqm and lease renewal agreements of nearly 270,000 sqm, with short-term contracts rounding out the remainder. Transactions in Poland accounted for nearly 57% of all lease agreements.

The occupancy rate in the portfolio was 93.1% at the end of the first quarter.