SAN FRANCISCO—Prologis, Inc., the global leaderin industrial real estate, today announced that Japanese realestate investment trust Nippon Prologis REIT,Inc., will issue new investment units. Prologis willretain its 15% ownership interest in Nippon Prologis (NPR).
NPR intends to use the net proceeds from the issuance, estimated at$374 million (JPY 38B), for the repayment of thebridge loans used to acquire five class-A properties forapproximately $448 million (JPY 45.5B).
The properties will be acquired from Prologis' wholly-ownedJapan portfolio. The assets, totaling approximately 2.4 millionsquare feet (222,037 square meters), were offered to NPR throughits sponsor support agreement with Prologis. The acquisition isexpected to close September 1 in Japan.
"This acquisition aligns with NPR's investment strategy," saidGary Anderson, CEO, Prologis Europe and Asia. "NPRwill further strengthen its existing portfolio while creatingadditional unit holder value."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
