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Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced that its board of directors has approved the sponsorship of a Japanese real estate investment trust (J-REIT) to serve as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.

Prologis initially expects to contribute 12 of its Class-A distribution centers to the J-REIT. The appraised value of the portfolio is approximately $2.1 billion (JPY 173.4 billion). The portfolio, with a weighted average age of 3.4 years, totals approximately 10 million square feet (937,500 square meters) and is located principally in its Tokyo and Osaka markets.

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