Industrial owner and developer ProLogis (nyse: PLD) has bought a 1.1 million sq. ft. logistics park located near Budapest, Hungary. The acquisition of Harbor Park—which is located just south of Budapest on the Danube River—helps ProLogis double the size of its Hungarian portfolio to 2.1 million sq. ft.
The sale price was not disclosed. Denver, Colo.-based ProLogis, which is structured as a REIT, owns a 321 million sq. ft. global portfolio of distribution facilities.
“We are very pleased to have completed this acquisition making ProLogis the leading owner and developer of distribution space in Hungary,” says Robin von Weiler, ProLogis’ managing director for Northern and Central Europe.
“This particular park is in a prime location and is a valuable addition to our portfolio, enabling us to offer additional distribution opportunities to our customers.”
The property was acquired through ProLogis’ European Properties Fund. Harbor Park consists of nine separate distribution facilities located on one site.