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Nippon Prologis earmarks ¥62.65B for 4-property buy in Japan


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Nippon Prologis earmarks ¥62.65B for 4-property buy in Japan

Nippon Prologis REIT Inc. is buying four industrial properties across Japan from four special-purpose companies for an aggregate consideration of ¥62.65 billion.

The real estate investment trust intends to purchase the Prologis Park Higashimatsuyama, Prologis Park Kyotanabe and Prologis Park Sendai Izumi 2 properties for ¥12.60 billion, ¥35.80 billion and ¥9.25 billion, respectively, on June 6. The company also plans to acquire the yet-to-be-completed Prologis Park Kobe 4 property for ¥5.00 billion Oct. 1.

Nippon Prologis said it will use a combination of cash on hand and net proceeds from its planned issuance of new investment units to partially finance the acquisitions. For the same purpose, the REIT will also borrow ¥38.08 billion from Sumitomo Mitsui Banking Corp. and ¥16.32 billion from MUFG Bank Ltd., according to a filing.

As of June 4, US$1 was equivalent to ¥108.35.