Prologis, Inc. 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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