Industrial property company First Industrial has entered into a final agreement to invest in two distribution facilities in the heart of Belgium鈥檚 Golden Triangle. First Industrial will invest in a two building, 117,800 m[sup]2[/sup] business park, which will be known as First Park Maritime Logistics on a site located between the municipalities of Bornem and Puurs.
Industrial property company First Industrial has entered into a final agreement to invest in two distribution facilities in the heart of Belgium鈥檚 Golden Triangle. First Industrial will invest in a two building, 117,800 m2 business park, which will be known as First Park Maritime Logistics on a site located between the municipalities of Bornem and Puurs.
This transaction is the first acquisition by First Industrial in Europe and the first for its FirstCal Industrial Europe JV, a $475 mln (EUR 351 mln) joint venture between First Industrial and the California State Teachers鈥� Retirement System (CalSTRS), the second largest pension fund in the U.S. with a $160 bn (EUR 118 bn) portfolio.
鈥楩irst Park Maritime Logistics, with its intermodal transportation access, is a prime example of our investment strategy - high-quality properties located along major supply chain routes to meet growing customer demand,鈥� said Johannson Yap, chief investment officer. 鈥楤oth buildings will be able to provide supply chain solutions for a variety of customers looking for logistics space within the Golden Triangle.鈥�
Construction has started on the first phase, a 42,800 m2 distribution center located in Bornem, and is expected to be complete in March 2009. The second building, located in Puurs, is still in the development planning stage.
King Sturge advised First Industrial.
