Commercial Property News - October 2, 2007
Distribution facility developer ProLogis has expanded its presence across Japan by 3.6 million square feet with the closing of a sale-leaseback deal with leading electronics company Matsushita Group. Denver-based ProLogis partnered with GIC Real Estate Pte. Ltd., the real estate investment division of the Government of Singapore Investment Corp., to acquire the group of 17 industrial properties for $735 million.
Ranging in size from 84,000 square feet to 831,000 square feet, most of the facilities are located in the thriving Tokyo and Osaka distribution markets; however there are also assets in various other parts of Japan, including Sapporo City and Fukuoka Prefecture. Matsushita Group subsidiary Matsushita Logistics will continue to occupy 15 of the warehouses under mostly mid- to long-term lease agreements with ProLogis. Of the remaining two properties, the facility in Morioka will continue to be occupied by a Japanese logistics company and the smaller unoccupied facility in Osaka will be repositioned under ProLogis' guidance. The benefits for Matsushita are the same as those for companies that engage in sale-leaseback deals in the United States. "They are able to fortify their balance sheet and take capital that is tied up in real estate and focus on core businesses," a ProLogis spokesperson told CPN today.
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