San Francisco-based industrial real estate investment trust
) announced the leasing of 239,000 square feet in a Brazil
development project. The agreement was penned with Brazil's
largest bookstore chain and leading online retailer - Saraiva.
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With this deal, the two million square foot Prologis CCP Cajamar
I Industrial Park is now 100% pre-leased and Saraiva will occupy
the final building at the Industrial Park. Notably, Prologis CCP
is a joint venture between Prologis and Cyrela Commercial
Properties (CCP). This particular industrial park is
strategically located in the Cajamar submarket of Sao Paulo and
close to Rodoanel Ring Road and central Sao Paulo.
In Brazil, there is an increased demand for Class-A facilities
resulting from growth in e-commerce. To better serve customers
and reduce delivery time, firms are seeking a consolidation of
distribution networks and are settling in the vicinity of
Prologis stands to benefit from this move as it has the capacity
to offer modern distribution facilities in strategic infill
locations. Its joint venture, Prologis CCP is a leading provider
of industrial real estate in Brazil, and as of Dec 31, 2012, it
had over 8.7 million square feet developed or to be developed in
Moreover, recently Prologis announced the initiation of a new
development project - Prologis Park Kawajima 2 - in Japan. The
move is aimed at strengthening Prologis' position as one of the
leading providers of industrial real estate in Asia.
Prologis is significantly capitalizing on the growing
opportunities across the globe. In addition, continued lease-up
of development portfolio is considerably helping Prologis in
reducing its operating risks. Also, the company has been actively
spreading itself worldwide through joint ventures. We believe
such strategic moves will help augment the company's top line,
Prologis currently holds a Zacks Rank #3 (Hold). Other REITs that
are performing better and are worth a look include
Ryman Hospitality Properties Inc.
Omega Healthcare Investors
Cousins Properties Inc.
). The first two carry a Zacks Rank #1 (Strong Buy), while the
latter holds a Rank #2 (Buy).