SAN FRANCISCO, June 4, 2019 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced that Japanese real estate investment trust Nippon Prologis REIT, Inc. (NPR), will issue new investment units. Prologis will retain its 15-percent ownership interest in NPR.
NPR intends to use the net proceeds from the issuance, estimated at JPY 36.6 billion ($333.6 million), for the repayment of the bridge loans used to acquire four Class-A properties for JPY 62.6 billion ($569.8 million). Three properties will be acquired from Prologis' wholly owned Japan portfolio on June 6 and the remaining property upon its completion date of June 30, 2019. The assets, totaling 262,764 square meters (2.8 million square feet), were offered to NPR through its sponsor support agreement with Prologis. The issuance is expected to close June 18, 2019 in Japan.
NPR is managed by a wholly owned subsidiary of Prologis.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 772 million square feet (72 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,100 customers across two major categories: business-to-business and retail/online fulfillment.
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SOURCE Prologis, Inc.