ProLogis Leases 730,000 Square Feet at Major New Industrial Park in Japan
- First Phase of Development at ProLogis Parc Tosu 100 Percent Leased -
FUKUOKA, Japan, Feb. 27 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased 730,000 square feet of space at ProLogis Parc Tosu, a major new industrial park being built in Japan's Saga Prefecture, a key logistics and manufacturing hub for the southeast region.
Coca-Cola West Logistics, a group company of Coca-Cola West Holdings, has leased approximately 586,000 square feet (54,500 square meters) of space in a 730,000-square-foot (67,800-square-meter) distribution facility located at the park. The balance of the building is leased to Hitachi Transport System, a global provider of third-party logistics services, bringing the first phase of development at the park to 100 percent leased. Both Coca-Cola and Hitachi Transport System are three-continent customers for ProLogis, leasing facilities at locations in North America, Europe and in Japan.
ProLogis, which completed construction on the first facility at the park this month, plans to develop a second building totaling 185,000 square feet (17,200 square meters) later this year.
"The Saga Prefecture has long played an important role as a gateway of exchange between Japan and other major Asian markets, particularly South Korea and China," said Mike Yamada, co-president for ProLogis in Japan. "Combined with the region's strong economy, well-developed infrastructure and proximity to more than 25 major seaports, the location enjoys consistent demand for modern industrial facilities from both local and multi-national customers. These new agreements underscore this important market dynamic."
ProLogis Parc Tosu is located in the city of Tosu, Japan, near the junction of several major transportation routes, including the Kyushu Expressway, the Nagasaki Expressway and the Tosu Interchange. The park offers easy access to these motorways, as well as the Japan Railway Tosu Station, the Saga Airport and the Fukuoka Airport. The region is home to nearly 1000 companies including automobile manufacturers Nissan, Toyota and Daihatsu.
"Given the attractiveness of the region as a strategic location for distribution operations, we anticipate our second facility in Tosu will experience similar demand from the area's leading manufacturers, wholesalers, retailers and logistics companies," added Yamada.
ProLogis has established a $5.2 billion platform of industrial facilities in Japan since launching operations there in 2002. The company's portfolio of properties comprises 26.5 million square feet (2.5 million square meters) of industrial space, with another 12.9 million square feet (1.2 million square meters) under development. Major customers in Japan include DHL, Nippon Express, Matsushita Logistics, Askul, Hitachi Transport System Ltd., Sanyo Electric Logistics, Seiyu/Wal-Mart, Yamato Logistics, FedEx and Nikon.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 118 markets across North America, Europe and Asia. The company has $36.3 billion of assets owned, managed and under development, comprising 510.2 million square feet (47.4 million square meters) in 2,773 properties as of December 31, 2007. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released February 27, 2008