Prologis has confirmed plans to create a Japanese real estate investment trust (J-REIT). The board of the New York-listed owner, operator and developer of industrial real estate has approved the move to sponsor the J-REIT as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.
Prologis has confirmed plans to create a Japanese real estate investment trust (J-REIT). The board of the New York-listed owner, operator and developer of industrial real estate has approved the move to sponsor the J-REIT as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.
Prologis initially expects to contribute 12 of its distribution centres to the J-REIT. The appraised value of the portfolio is $2.1 bn (EUR 1.6 bn or JPY 173 bn).
The portfolio, with a weighted average age of 3.4 years, totals 937,500 m2 and is located mainly in the Tokyo and Osaka markets.
The J-REIT would be managed by a wholly owned subsidiary of Prologis.
Prologis will provide exclusive or preferential negotiation rights for additional properties it develops in Japan. As the sponsor, Prologis will act as the property and asset manager of the J-REIT.
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