ProLogis to build 'ProLogis Parc Maishima II' in Japan
01 Feb '06
3 min read
ProLogis Parc Maishima II will be located near the Port of Osaka and next to ProLogis Parc Maishima I, a 785,000-square-foot facility under development that has been pre-leased to Askul Corporation, a Japanese distributor of stationary, business supplies, electronics and other products. ProLogis also has an option on additional land at the site, allowing for future expansion as warranted by customer demand.
The company also announced that ProLogis Japan Properties Fund II has acquired a 1.1-million-square-foot building in metropolitan Tokyo for approximately US$139 million. The facility is fully leased to Renown, a Japanese distributor of textiles and apparel. It will be called ProLogis Parc Narashino II and is located in between downtown Tokyo and Japan's Narita Airport.
Renown will continue to operate the building under a long-term lease with ProLogis as its primary distribution center in Japan.
The transaction also includes an adjacent parcel of vacant land acquired by ProLogis for the construction of an additional 459,000 square feet of industrial space. The purchase price for the land was approximately US$24 million.
ProLogis is a leading provider of distribution facilities and services with 371.9 million square feet in more than 2,300 distribution facilities owned, managed and under development in 75 markets in North America, Europe and Asia, as of September 30, 2005.
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