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TOKYO-Continuing to increase its Asian presence through a variety of strategies, ProLogis has negotiated a $735-million sale-leaseback transaction with the Matsushita Group, a leading global supplier of electronics and other consumer products. The deal gives ProLogis and joint venture partner GIC Real Estate Pte Ltd. a block of 17 warehouse properties ranging in size from 84,000 sf to 831,000 sf for a total assemblage of 3.6 million sf.

“This is an important transaction for ProLogis,” says Masato Miki, the Denver-based REIT's co-president of Japan operations. “Matsushita has a global reputation for quality and value across a broad spectrum of consumer product categories, and we…look forward to becoming their primary facilities provider in Japan.” Matsushita will continue to occupy 15 of the warehouses, which are mostly situated in Tokyo and Osaka, Japan's leading distribution markets. About 60% of the square footage in the portfolio is in those two cities.