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AURORA, CO-ProLogis, the world's largest industrial real estate investment trust, is preparing to invest the ProLogis Japan Properties Fund II, a $3-billion pool of money for investment opportunities. GIC Real Estate Pte Ltd., or GIC RE, the real estate investment company of the Government of Singapore Investment Corp., has committed a total of $600 million of yen of equity and will have an 80% stake in the fund. GIC RE also was ProLogis' partner in its initial ProLogis Japan Properties Fund, formed in June 2002.

This exclusive joint venture will own newly developed and acquired properties in the company's targeted distribution markets across Japan with a primary focus on Tokyo, Osaka/Kobe and Nagoya. The fund's capacity upon full investment of the committed capital, including GIC RE's equity, ProLogis' equity contributions and secured debt that the fund intends to put in place, will be approximately $3 billion.