Prologis Inc. agreed to develop a 367,500-square-foot warehouse for The Pallet Network at Prologis Park Midpoint in the West Midlands, U.K., Property Week reported Jan. 4. The Pallet Network, signed a 15-year lease at about 6.25 per square foot for the build-to-suit distribution depot. The new warehouse will replace the existing 312,000-square-foot facility at Prologis Park Midpoint, leased by the tenant since January 2010.

Prologis expects construction to be completed by the end of 2013. The new facility will be the third building occupied by The Pallet Network.