ProLogis Leases Strong in Japan - Analyst Blog
With signs of market stabilization, ProLogis (PLD), a leading global provider of distribution facilities, recently leased about 450,000 square feet of its development portfolio in Japan.
About 269,000 square feet were leased to Vantec Corporation, a premier third-party logistics provider. The lessee will occupy space at ProLogis Park Zama I, a 1.2 million square feet distribution facility near downtown Tokyo. ProLogis leased 79,000 square feet at ProLogis Parc Ichikawa I, a distribution facility also near Tokyo, to Trancom Co. Ltd., a third-party logistics provider.
In addition, about 61,000 square feet were leased to a leading parcel delivery company at ProLogis Parc Iwanuma I in Sendai, Japan. At the same time, about 40,000 square feet were also leased to a third-party logistics provider at ProLogis Parc Ichikawa I.
ProLogis owns and manages interests in over 2,500 distribution facilities, service offices and properties spanning 475 million square feet (including properties under development) of space. With approximately 9.2 million square feet of distribution space (both completed and under development) and an additional 93 acres of land for future development, ProLogis is one of the largest providers of distribution facilities in Japan.
Its major customers in the country include Yamato Logistics -- a leading logistics company in Japan; Daikin Industries -- a diversified manufacturing company; Costco (COST) -- the largest membership warehouse club chain in the world based on sales volume; and Kintetsu World Express -- a leading air and ocean freight company.
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