Thursday before the bell, ProLogis (PLD), a real estate investment trust, announced that its unit ProLogis Japan Properties Fund II bought a $65 million portfolio near Tokyo.
ProLogis noted that the three buildings bought totaled 300,000 sq. ft., and were all leased to three separate Japanese companies. The property is located in Akishima City, a logistics hub about 50 kilometers from Tokyo.
Masato Miki, the co-president of ProLogis Japan stated, "Akishima City offers a unique location from which our customers can support a vast distribution area encompassing Tokyo's city center, northern Kanagawa and southern Saitama."
Miki added that the unique geographical location was an attraction to companies looking to distribute consumer goods to various retail locations.
The company stated that the new property, which is bought from a commercial real estate company in Japan, will be named ProLogis Park Akishima.
PLD closed Wednesday's regular trading session at $26.74.
For comments and feedback: editorial@rttnews.com