SAN FRANCISCO-Prologis, Inc., today offered for sale 96,200 investment units at a price of $7,698 (763,420 JYE) per unit of Nippon Prologis REIT, Inc. (NPR), a Japanese real estate investment trust. The offering will comprise a domestic placement of 57,720 units and an international placement of 38,480 units.
NPR intends to use the proceeds from the issuance to acquire eight class-A properties for $1.3 billion (JPY 132.4B). The portfolio comprises six properties from Prologis Japan Fund 1 and two additional properties from Prologis' wholly-owned Japan portfolio. The assets, totaling 6.4 million square feet (593,400 square meters), were made available to NPR through its sponsor support agreement with Prologis. The offering is expected to close on June 10 in Japan.
NPR is managed by a wholly owned subsidiary of Prologis. Prologis will retain at least a 15% ownership interest in NPR.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
