Release Date: 02 September 2009
Release ID: 4213
- Transaction Represents ProLogis' Redefined Approach to Development, Monetizing Its Land Bank With Reduced Risk -
OSAKA, Japan, Sept. 2 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it will develop a new, 616,000-square-foot (57,200-square-meter) distribution facility in Osaka, Japan, for Senko Co., Ltd., an integrated distribution services company with a vast national network of office locations, vehicles and cargo ships.
"ProLogis' land bank in Japan includes sites in the country's most strategic distribution locations," said Mike Yamada, president for ProLogis in Japan. "We are very pleased to leverage our unparalleled development expertise and one of our attractive land positions to provide an existing customer with a desirable distribution location. The implementation of this project also enables us to monetize our land bank with reduced risk, which is directly in line with our new approach to development."
ProLogis and Shimizu Corporation, a leading architectural, engineering and general contracting firm, have formed a joint venture for the project. As a part of its investment, ProLogis will contribute a five-acre (two-hectare) parcel of land it currently owns in Osaka. In addition, ProLogis will receive a construction management fee. Through the joint venture, ProLogis will continue to own and manage the property, receiving asset and property management fees and its portion of rental income.
Construction of the facility, to be called ProLogis Parc Maishima IV, will commence in September 2009 and is expected to be completed in the summer of 2010. Senko will operate the five-story distribution center as a new distribution hub in Osaka.
The site for ProLogis Parc Maishima IV is strategically situated within a growing distribution hub in Japan. The facility is approximately four miles (six kilometers) from the Port of Osaka, less than six miles (nine kilometers) from the Osaka central business district and approximately 17 miles (28 kilometers) from the Kansai International Airport.
"While the demand for logistics facilities near the Port of Osaka is relatively high, the supply of efficient distribution centers is still low, especially facilities with modern amenities and sustainable features located within the immediate port area," added Yamada. "This is one of the reasons why Senko sought space in this location - it is extremely well-located and enables the company to better serve its customers."
ProLogis is one of the largest providers of distribution space in Japan with approximately 8.5 million square feet (794,000 square meters) completed and under development, as well as 98 acres (39.7 hectares) of land available for future development. Major ProLogis customers in Japan include Yamato Logistics, Konoike Transport, Costco, Daikin Industries, Sanyo Electric Logistics and Kintetsu World Express.
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