First Industrial Moves into New European Markets

In a press release today, First Industrial Realty Trust, Inc. announced that they will be expanding their business into The Netherlands and Belgium.

The company, who calls themselves "a leading provider of industrial real estate supply chain solutions," thinks the move will be profitable because of an increasing amount of containerized cargo moving through the countries' ports and a rise in the need for modern production facilities. The company also already does a lot of business in Europe, so this is a natural progression.

Mike Brennan, president and CEO of First Industrial said, "After more than a year of extensive research, we have decided to build upon the strength of our North American platform by expanding into The Netherlands and Belgium to enhance the services we provide to our growing customer base. As global trade patterns shift and the European Union evolves, new supply chains are being created that connect more cost effective manufacturing centers with large populations of consumers. First Industrial will provide industrial space in key logistics hubs such as Rotterdam, the largest port in Europe, Amsterdam, and the Golden Triangle (Antwerp/Brussels/Ghent) in Belgium to serve growing customer demand for multiple industrial facility types through development, redevelopment and acquisitions."

The press release also serves as an announcement that Jan Scheers has joined the company as Managing Director, and will be heading the expansion. Scheers was chosen because of his position at Macquarie Goodman, a real estate developer and investor, where he was managing director of several European developments.

The new markets that First Industrial will be entering in The Netherlands are Rotterdam, the largest containerized seaport in Europe, and Amsterdam, which contains the third largest cargo airport.

In Belgium, First Industrial will be focusing on The Golden Triangle, which has an extensive infrastructure of transportation, including roads, rail, and sea. Antwerp is the third largest containerized seaport in Europe, and their volume has increased 15% in the first half of 2007.

Scheers is optimistic about the expansion. "I look forward to leading our expansion into these strategic markets," he said. "Given First Industrial's proven track record, large capital base, and disciplined investment approach, we are well positioned to capitalize on the many growth opportunities we see in The Netherlands and Belgium."

According to First Realty's website, the company leases, develops, buys, sells, and manages industrial facilities in the top 25 markets in the country. The company sets up offices in each market and has local employees managing the properties, who, according to the website, have over 20 years of real estate experience.

Sources:

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/07-24-2007/0004631890&EDATE=

http://www.firstindustrial.com/main.php?in_pg=who_we_are