"This facility meets the Fund's objectives for modern, functional distribution space," says Masato Miki, senior vice president for ProLogis. "Located just minutes from ProLogis Park Urayasu, it is ideally located near the Tokyo Bay area and has a great potential customer base given the number of surrounding manufacturing and industrial facilities."

Launched in September 2002, ProLogis Japan Properties Fund has a capital commitment from an unnamed institutional investor that the company expects will be sufficient to acquire all of the Japan properties that ProLogis expects to be available for contribution through June 2006. A representative of Denver-based tells GlobeSt.com that including the Urayasu facility, the fund has acquired six properties at a cost of $400 million. SEC filings indicate another $333 million worth of Japan properties is under development and that ProLogis has a 20% stake in the fund.

All told, ProLogis controls 237.2 million sf if distribution space in 1,759 facilities in 68 markets in North America, Europe and Asia.