First Industrial will invest in a two building, 1.3 million square-foot (117,800 square meters) business park, which will be known as "First Park Maritime Logistics" on a site that intersects the municipalities of Bornem and Puurs. The facilities will be acquired on a forward-commitment basis on behalf of FirstCal Industrial Europe, a $475 million joint venture between First Industrial and the California State Teachers' Retirement System (CalSTRS), the second largest pension fund in the U.S. with a $160 billion portfolio. This transaction is the first acquisition by First Industrial in Europe and the first for the FirstCal Industrial Europe JV.

"First 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," said Johannson Yap, chief investment officer. "Both buildings will be able to provide supply chain solutions for a variety of customers looking for logistics space within the Golden Triangle."

Construction has started on the first phase, a 461,000 square-foot (42,800 square meters) 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, and further expansion is contemplated.

Both buildings will feature multi-modal access -- canal, highway and rail. With docking infrastructure in place, First Park Maritime Logistics is easily accessible through Belgium's canal system. The site is less than two miles (three kilometers) from the A12 Expressway connecting Antwerp and Brussels. Also, a nearby rail spur can be extended to serve the property.

"A skilled workforce and the accessibility of its world-class transportation infrastructure make the Golden Triangle one of the premier locations for logistics in Europe," said Jan Scheers, managing director. "Demand for modern, state-of-the-art distribution centers, such as these facilities, remains high due to the limited supply in the region."

"We are pleased to work closely with the De Paepe Group in the planning and development of this strategically-located logistics park to meet customers' multi-modal supply chain needs," said Kristof de Witte, First Industrial's country director for Belgium and development director for Europe. -- First Industrial Realty Trust, Inc.