Prologis Japan Inks 211 KSF Lease for In-Development Osaka Facility; Receives 2 Awards
- Apr 22, 2014
Prologis has seen its Japanese operations ink agreements for a large amount of space at one of its development projects. The owner, operator and developer of industrial real estate also received two awards for its Nippon Prologis Real Estate Investment Trust from Thomson Reuters DEALWATCH AWARDS 2013 and Capital Eye.
Prologis has completed a new leasing agreement for a total of 211,000 square feet of space at its Prologis Park Osaka 5. The new tenant at the property will be Koizumi Logistics, a third-party logistics provider and repeat customer, a press statement announcing the lease shows. Totaling 800,000 square feet of space, the distribution facility will allow tenants easy access to the goods received through the Osaka Port. According to the developer, the high-end facility will be completed by early next year.
According to the President of Prologis Japan, Mike Yamada, “the lack of supply and growing demand, coupled with rising rents, justify new development in Osaka”.
At the end of last year, the company had a local portfolio of approximately 22.9 million square feet of logistics and distribution space, making it one of the top providers of industrial real estate in Japan.
As previously stated, Nippon Prologis Real Estate Investment Trust recently received a number of accolades including “J-REIT Issuer of the Year” from Thomson Reuters DEALWATCH AWARDS 2013. The awards began back in 1995, in the hopes of rewarding excellence and innovation in Japan’s capital markets. For almost two decades, the awards set the bar in recognizing achievements in the country’s financial community. Global investment banks and institutional investors choose the winning parties while a final selection is made by the DEALWATCH editorial team.
NPR also received the “Best Issuer of 2013” from Capital Eye, part of a series of awards given out for the year’s best and most reputable capital market transactions. Capital Eye’s winners are selected through survey responses given by securities companies and institutional investors, as well as editorial input as in the case of the DEALWATCH awards.