Michelin to Lease New Facility
International distribution facilities provider ProLogis has agreed to acquire a 32-hectare piece of land from Michelin. On this 32-hectare site in Poitiers, France, ProLogis will build a 32,000 square metre (344,000 square foot) facility for Michelin, which will then lease the property as a distribution centre under a long-term agreement. Michelin’s facility will be part of a new 139,000 square metre industrial park owned by ProLogis and said to be valued at approximately US$132 million (£67 million).