ProLogis Leases 399,000 Square Feet Near Tokyo to Yamato Logistics
TOKYO, Dec. 6 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased 399,000 square feet (37,000 square meters) near Tokyo, Japan, to Yamato Logistics, a leading global provider of third-party logistics, mail and transportation services.
Yamato has leased the space at ProLogis Parc Misato II, a four-story industrial warehouse to be constructed in Misato City, north of Tokyo in the Saitama prefecture. The building will be part of a new mixed-use project planned for development on the site of a former railway switchyard, and will include more than 5.3 million square feet (493,700 square meters) of industrial, retail, residential and office space. Yamato Logistics will operate the space in the ProLogis facility, comprising 638,000 square feet (59,300 square meters) at full build-out, as an e-commerce distribution center primarily for Japanese retailer Marui, serving customers throughout Japan.
Construction on ProLogis Parc Misato II is planned for completion in September of 2008, with a total expected investment of approximately US$100 million.
"We are pleased to have signed this new agreement with Yamato Logistics, a respected Japanese company with a strong global presence," said Mike Yamada, co-president of Japan for ProLogis. "The Misato submarket is a strategically important location for distribution as it is one of the last remaining areas available for large-scale facilities in close proximity to Tokyo. We are fortunate to have secured land there for our new park, which will further enhance our platform as well as the efficiency of our customers' supply chain networks."
"ProLogis is a trusted provider of modern distribution facilities for Yamato Logistics, leasing more than 939,000 square feet (87,200 square meters) to the company at six locations throughout Japan," said Yoshihiko Hoshino, managing executive officer, Yamato Logistics. "We look forward to occupying the space at ProLogis Parc Misato II and to broadening our relationship with ProLogis as we continue to grow our global business operations."
Misato City is an ideal location for serving the Tokyo metropolitan area and the larger northern Japan market. The new mixed-use project, to be called "Shin-Misato LaLa City," is being developed by a consortium and will include ProLogis Parc Misato II, a shopping mall, big-box retailers Costco and IKEA, and more than one million square feet of office and residential. ProLogis currently has 11 distribution facilities owned, managed or has under development in the Saitama prefecture, comprising 6.23 million square feet (579,000 square meters) of space.
As of September 30, 2007, ProLogis' operating portfolio in Japan comprised 26.4 million square feet (2.4 million square meters) of industrial space, concentrated in the markets of Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima and Sendai. In addition to Yamato Logistics, major customers in Japan include Askul, Hitachi Transport System, Nippon Express, Panasonic, Senko, Sanyo Electric Logistics and Shinkai Group.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 20 countries across North America, Europe and Asia. The company has $34.4 billion of assets owned, managed and under development, comprising 483.0 million square feet (44.9 million square meters) in 2,669 properties as of September 30, 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 1,300 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released December 6, 2007