Joint venture with Prologis

6th Nov 2007 07:01

Marks & Spencer Group PLC06 November 2007 Issued: Tuesday, 6 November 2007 Marks & Spencer announces Joint Venture with Prologis Marks and Spencer Group plc (Marks & Spencer) has entered into a 50/50 jointventure with Prologis, a major international owner, manager and developer ofindustrial distribution facilities, to co-own and develop a distribution centrein Bradford, West Yorkshire. Subject primarily to the grant of acceptableplanning consent, M&S has agreed to acquire a 50 per cent interest in the sitefrom ProLogis for a total consideration of £13.7 million payable in cash and M&Sand ProLogis have each agreed to invest approximately £20 million in thedevelopment of the site. M&S has agreed to take a 35-year lease of the completeddistribution unit from the joint venture on market terms. The facility isexpected to be operational in 2010. - Ends - For further information, please contact:Investor Relations: Media enquiries:Amanda Mellor +44 (0)20 8718 3604 Corporate PR +44(0)20 8718 1919Majda Rainer +44 (0)20 8718 1563 This information is provided by RNS The company news service from the London Stock Exchange

---

Related Shares:

Marks & Spencer