Denver-based ProLogis has paid $65 million for a portfolio of industrial buildings in Tokyo, Japan.
The deal, made through its ProLogis Japan Properties Fund II, comprised three buildings totaling 300,000 square feet. The property is to be called ProLogis Park Akishima following the acquisition.
The buildings are all fully leased to Japanese companies, including 3A Logistics, a subsidiary of KRS and one of Japan’s largest food distributers; Kokubu, its largest food wholesaler; and convenience store chain FamilyMart. The properties are located in Akishima City, a logistics hub around 50 kilometers from Tokyo’s central business district.
The industrial property investor’s current portfolio in Japan totals 37.1 million square feet of industrial space owned, managed or under development.
Elsewhere in Asia, ProLogis landed its first deal in India with its 50-50 development joint venture agreement in April with a local real estate developer. ProLogis partnered with K Raheja on the partnership, which will acquire land, develop properties and manage the acquired assets, as it gears up for a $575 million investment spree. Approximately 7.5 million square feet of commercial space in the country is expected to be created in the process.