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TOKYO-Continuing to increase its Asian presence through avariety of strategies, ProLogis has negotiated a $735-millionsale-leaseback transaction with the Matsushita Group, a leadingglobal supplier of electronics and other consumer products. Thedeal gives ProLogis and joint venture partner GIC Real Estate PteLtd. a block of 17 warehouse properties ranging in size from 84,000sf to 831,000 sf for a total assemblage of 3.6 million sf.

“This is an important transaction for ProLogis,” says MasatoMiki, the Denver-based REIT's co-president of Japan operations.“Matsushita has a global reputation for quality and value across abroad spectrum of consumer product categories, and we…look forwardto becoming their primary facilities provider in Japan.” Matsushitawill continue to occupy 15 of the warehouses, which are mostlysituated in Tokyo and Osaka, Japan's leading distribution markets.About 60% of the square footage in the portfolio is in those twocities.