SAN FRANCISCO, Jan. 17, 2020 /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 30.6 billion ($280.4 million), to acquire three Class-A properties for JPY 59.3 billion ($538.9 million) from Prologis' wholly owned Japan portfolio on February 5, 2020. The assets, which together comprise a net rentable area of 249,339 square meters (2.6 million square feet), were offered to NPR through its sponsor support agreement with Prologis. The issuance is expected to close in Japan on January 31, 2020.
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 September 30, 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 797 million square feet (74 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,100 customers principally across two major categories: business-to-business and retail/online fulfillment.
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SOURCE Prologis, Inc.