DHL Killing US Ops; Bad News For ProLogis
November 10, 2008
DHL announced today that it is terminating its US domestic operations, and along with it 9500 jobs. Deutsche Post, which owns DHL, announced it is halting all domestic US ground and air operations after mounting losses. DHL has already cut some 5,000 jobs this year, and this announcement will cut a further 9500, bringing the total remaining to approximately 4,000.
DHL, as a large and global logistics provider naturally occupied millions of square feet of warehouse and distribution space. We don’t know who their largest landlord in the United States is, but according to a joint February 2008 press release by DHL and ProLogis (PLD: 14.21 +0.28%), it was stated that
DHL is ProLogis' largest global customer
Update: ProLogis’ Third Quarter Report indicates that it’s largest customer (presumabely DHL) accounts for 2.28% of its annualized collected base rents at September 30, 2008.
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