Nippon Prologis Raises $374M for Acquisition

SAN FRANCISCO—Prologis, Inc., the global leader in industrial real estate, today announced that Japanese real estate investment trust Nippon Prologis REIT, Inc., will issue new investment units. Prologis will retain 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 the bridge loans used to acquire five class-A properties for approximately $448 million (JPY 45.5B).

The properties will be acquired from Prologis’ wholly-owned Japan portfolio. The assets, totaling approximately 2.4 million square feet (222,037 square meters), were offered to NPR through its sponsor support agreement with Prologis. The acquisition is expected to close September 1 in Japan.