Benzinga | Jan 20, 2021 08:31AM EST

Prologis Announces Nippon Prologis REIT's Issuance Of New Investment Units

SAN FRANCISCO, Jan. 20, 2021 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD), the global leader in logistics real estate, today announced that Japanese real estate investment trust Nippon Prologis REIT, Inc. (NPR) will issue new investment units. Prologis will retain its 15-percent ownership interest in NPR.

NPR intends to use the net proceeds from the issuance, estimated at JPY 34.3 billion ($331.7 million), to acquire three Class-A properties for JPY 62.2 billion ($600.9 million) from Prologis' wholly owned Japan portfolio on February 8, 2021. The assets, which together comprise a net rentable area of 263,876 square meters (2.8 million square feet), were offered to NPR through its sponsor support agreement with Prologis. The issuance is expected to close in Japan on February 2, 2021. NPR is managed by a wholly owned subsidiary of Prologis.