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DENVER-Locally based ProLogis, the world’s largest industrial real estate investment trust, has signed a 10-year lease with Matsushita Logistics to develop a 297,000-sf build-to-suit distribution facility in Urayasu City, Japan, on Tokyo Bay. Matsushita Logistics is a wholly-owned subsidiary of Matsushita Electric Industrial Co., Ltd., better known as Panasonic in the US.

ProLogis also serves Matsushita’s Kotobuki Electronics division in the South Bay submarket of San Francisco.

The Matsushita facility has a total expected cost of approximately $35 million. The facility is scheduled for completion in May 2003. It will feature six floors with 12 truck docks on the ground level and five standard 3.5-ton freight elevators to serve the upper floors. Located less than 6.2 miles from Tokyo’s Central Business District, the facility also provides access to Tokyo Bay and the Wangan Doro roadway that connects Chiba, Tokyo and Narita Airport.

The Matsushita facility is 3.7 miles from the property ProLogis is currently developing for DHL Japan Inc., which is on time for scheduled completion late this month.

“Matsushita is ProLogis’ first Japanese customer, and we are working with several other Japanese companies who recognize the advantages of utilizing state-of-the-art distribution facilities in in-fill locations to better serve their local customers,” says Jeffrey H. Schwartz, president and chief operating officer for Asia. “As Japanese companies work to streamline their traditional multi-channel distribution systems, the demand for larger, more-efficient distribution facilities will grow.

“We also expect our global customer base and strong relationships with many Japanese companies operating in North America and Europe will enhance our presence in this important market over time,” he adds. “Importantly, we have the financing in place to fund our expansion with the recent formation of the $1 billion ProLogis Japan Property Fund.”

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