From the Wires
Prologis Leases More Than 1.1 Million Square Feet in Three Japan Development Projects
Nov. 15, 2012 07:00 PM
TOKYO, Nov. 15, 2012 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced four new lease agreements totaling approximately 1.1 million square feet (104,269 square meters) in its Japan development portfolio. The transactions include:
- 349,300 square feet (32,450 square meters) with a Japanese third party logistics provider. This new, 100 percent-leased build-to-suit is located at Prologis Park Kobe within the Osaka market and includes a seismic isolation system. Construction is scheduled to begin in November 2012; and
- 230,000 square feet (21,400 square meters) with Hitachi Transport System, a leading third party logistics provider, at Prologis Park Osaka 4. The building was completed in May 2012 and totals more than 1.1 million square feet (106,135 square meters); and
- 543,000 square feet (50,450 square meters) in two transactions with a major third party logistics provider. The first transaction, for 224,000 square feet (20,800 square meters), is located at Prologis Park Osaka 4. The second transaction is located in the Tokyo market at Prologis Park Zama 2 and totals 319,000 square feet (29,600 square meters), bringing the total percentage leased to 90 percent, well ahead of the underwritten lease up. Zama 2 was completed in August 2012 and is a state-of-the-art facility with premium safety features, including Prologis' patented seismic isolation system, electric generators, and a groundwater remediation system.
"These four transactions, all with long-term customers, speak to the strength of our customer relationships and our ability to leverage our unmatched platform to meet their requirements," said Mike Yamada, president, Prologis Japan. "We continue to see very strong demand in the Japanese market and look forward to supporting the ongoing success of our customers."
Prologis is one of the leading providers of industrial real estate in Asia, with approximately 21 million square feet (1.95 million square meters) of logistics and distribution space in Japan as of September 30, 2012. Major Prologis customers in Japan include: Panasonic Logistics, Sagawa Express Group, Nippon Express, Kirin Logistics, Tomy Company, Yamato Logistics, Costco, Daikin Industries, and Caterpillar Logistics Services, Inc.
Prologis, Inc. is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of September 30, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 565 million square feet (52.5 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
SOURCE Prologis, Inc.