SAITAMA, JAPAN-Prologis Inc. said Wednesday it had broken ground on a 451,000-square-foot development project here, about 28 miles from Tokyo's CBD. Known as Prologis Park Kawajima 2, the facility is also intended to give Prologis customers improved access to markets in Japan's northern region.
“We expect strong growth in demand for high-quality class A logistics facilities in the area due to the ongoing reconfiguration of the supply chain in Japan and the lack of supply," Mike Yamada, president of Prologis Japan, says in a release. “We look forward to building a development that can serve this demand effectively and help our customers build more efficient distribution systems in the region.”
Located in the Saitama Ken-O submarket of Tokyo, adjacent to the Ken-O Expressway, the facility will include a one-megawatt solar system, an emergency disaster alert mechanism, and a groundwater remediation system. Prologis also plans to obtain CASBEE Saitama Class A certification for the facility, said to be the highest possible ranking under the CASBEE rating system.
Kawajima 2 will add to an industrial portfolio in Japan that already runs to approximately 21 million square feet. Major Prologis customers in the nation iclude Hitachi Transport System, Panasonic Logistics, Sagawa Group, Nippon Express, Kirin Logistics, Tomy Company, Yamato Logistics, Costco, Daikin Industries and Amazon Japan.
The announcement comes a few weeks after Nippon Prologis REIT Inc. completed its initial public offering in Japan. The J-REIT completed an IPO of 182,350 units, comprised of a domestic offering of 109,410 units and an international placement of 72,940 units. Prologis will retain at least a 15% ownership interest in NPR.
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