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Nippon Prologis REIT to buy 3 Japanese properties from Prologis

Nippon Prologis REIT Inc. will acquire three class A properties from Prologis Inc.'s 100%-owned portfolio in Japan for ¥59.3 billion on Feb. 5.

The properties have a net rentable area of 249,339 square meters and were offered to the Japanese industrial landlord through its sponsor support agreement with Prologis.

Nippon Prologis plans to fund the transaction using the estimated ¥30.6 billion net proceeds from an issuance of an undisclosed amount of new investment units. The issuance is anticipated to close Jan. 31.

Prologis will keep its 15% ownership interest in Nippon Prologis.

As of Jan. 16, US$1 was equivalent to ¥110.17.