Prologis Says Nippon Prologis REIT to Issue New Investment Units; Proceeds Will be Used Repay Bridge Loans Used to Acquire Four Class-A Properties for ~$372M

Prologis, Inc. PLD 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 proceeds from the issuance, estimated at JPY 24.3 billion ($215 million), for the repayment of the bridge loans used to acquire four Class-A properties for approximately JPY 42.1 billion ($372 million). The properties will be acquired from Prologis' wholly owned Japan portfolio. The assets, totaling approximately 2.3 million square feet (214,577 square meters), were offered to NPR through its sponsor support agreement with Prologis. The acquisition is expected to close March 3, 2016 in Japan. NPR is managed by a wholly owned subsidiary of Prologis.