Thu, 13/12/2012 - 14:19
The board of directors of Prologis 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 centres to the J-Reit.
The appraised value of the portfolio is approximately USD2.1bn (JPY173.4bn). 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.
"For more than a decade, Prologis has been building the highest-quality assets in Japan. Demand for class-A facilities continues to grow given the fundamental reconfiguration of Japan's supply chain," says Hamid R Moghadam, co-chief executive and chairman, Prologis. "Given our industry-leading development capabilities and our global customer platform, Prologis is uniquely positioned to meet the needs of this important market."
The J-Reit would be managed by a wholly owned subsidiary of Prologis. Prologis would provide various pipeline and operational support to the J-Reit, including providing exclusive and/or preferential negotiation rights for additional properties developed by Prologis in Japan.
As the sponsor, Prologis will act as the property and asset manager of the J-Reit. Accordingly, the company will receive asset and property management fees, as well as fees arising from the subsequent acquisition and disposition of properties.
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