Prologis Prices its Real Estate Investment Trust in Japan
SAN FRANCISCO, Feb. 4, 2013
SAN FRANCISCO, Feb. 4, 2013 /PRNewswire/ --Prologis, Inc. (NYSE: PLD), the
leading global owner, operator and developer of industrial real estate, today
announced the pricing of 182,350 units at a price of 550,000 Japanese yen per
unit of Nippon Prologis REIT, Inc. (NPR), a Japanese real estate investment
trust. The offering was priced at the high end of the range and comprised a
domestic placement of 109,410 units (60 percent of units outstanding) and an
international placement of 72,940 units (40 percent of units outstanding).
Prologis is contributing 12 Class-A properties in Japan to NPR (3283:Tokyo
Stock Exchange) for initial consideration of approximately JPY 173 billion
($1.9 billion). The sale of the assets is expected to be completed on Feb. 15,
2013. Inclusive ofNPR's concurrent borrowings, net cash proceedsto Prologis
from the sale are expected to be JPY153billion ($1.7 billion), before the
greenshoe option. Prologis intends to usethe proceeds primarily for the
repayment of debt and future investment in Japan.
The portfolio, with a weighted average age of 3.4 years, totals 9.6 million
square feet (890,000 square meters), and is principally located in its global
markets of Tokyo and Osaka. NPR has exclusive negotiation rights for eight
additional properties owned by Prologis, and will receive pipeline,
operational and personnel assistance under a sponsor support agreement. In
addition, wholly owned subsidiaries of Prologis will serve as NPR's property
and asset managers.
Prologis will initially hold 20 percent of NPR and if the greenshoe option of
9,118 units is exercised in full, Prologis' investment will be reduced to
approximately 15 percent. NPR is expected to list on the Tokyo Stock Exchange
on Feb. 14, 2013.
This announcement is not an offer of securities for sale in the United States
or any other jurisdiction. Securities may not be offered or sold in the United
States unless they are registered or exempt from registration.
Prologis, Inc. is the leading owner, operator and developer of industrial real
estate, focused on global and regional markets across the Americas, Europe and
Asia. As of Sep. 30, 2012, Prologis owned or had investments in, on a
consolidated basis or through unconsolidated joint ventures, properties and
development projects expected to total approximately 565 million square feet
(52.5 million square meters) in 21 countries. The company leases modern
distribution facilities to more than 4,500 customers, including manufacturers,
retailers, transportation companies, third-party logistics providers and other
SOURCE Prologis, Inc.
Contact: Tracy Ward, +1-415-733-9565, firstname.lastname@example.org, San Francisco, or
Atle Erlingsson, +1-415-733-9495, email@example.com, San Francisco
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