The buildings are located in Tokyo, Osaka, Hiroshima and other locations across Japan. They will be leased long-term to one of ProLogis' largest Japanese customers, Hitachi Transport, which is acquiring Shiseido's logistics subsidiary and will provide supply chain management services to the company.
ProLogis Japan Properties Fund II is a venture of Denver-based ProLogis. Masato Miki, co-president ProLogis Japan, says the sale reflects an ongoing trend in Japan wherein manufacturers are disposing of real estate and outsourcing supply-chain management in an effort to strengthen their balance sheets and focus on their core business operations.
Hitachi Transport leases more than 1.8 million sf from ProLogis in Tokyo, Osaka and Sendai. ProLogis' operating portfolio in Japan totals 15.6 million sf concentrated in the markets of Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima and Sendai. The company has an additional 5.7 million sf under development.
ProLogis developments in Japan tend to be multi-story, multi-tenant distribution centers, such as the one pictured above. A source with proLogis tells GlobeSt.com that Shiseido's facilities are more similar to the one-story distribution buildings in the US.
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