SAN FRANCISCO, May 16, 2013 -- Prologis today announced Nippon Prologis REIT, Inc. (NPR), a Japanese real estate investment trust, will issue new investment units. Prologis will retain at least a 15 percent ownership interest in NPR.
NPR intends to use the proceeds from the issuance to acquire eight Class-A properties for JPY 132.4 billion ($1.3 billion). The portfolio comprises six properties from Prologis Japan Fund 1, pursuant to the fund's unanimous vote to sell to NPR. The two additional properties will be acquired from Prologis' wholly owned Japan portfolio. The assets, totaling 6.7 million square feet (624,800 square meters), were made available to NPR through its sponsor support agreement with Prologis. The acquisition is contingent upon the successful issuance of units and is expected to close on June 13 in Japan.