ProLogis signs 10-year build-to-suit agreement in Japan

Company secures additional strategic land position in Tokyo

ProLogis, a leading global provider of distribution facilities and services, yesterday announced it has signed a 10-year lease with Matsushita Logistics to develop a 297,000 square foot (27,600 square meter) build-to-suit distribution facility in Urayasu City, Japan, on Tokyo Bay.

Matsushita Logistics is a wholly owned subsidiary of Matsushita Electric Industrial Co., Ltd. (known as Panasonic in the U.S.). ProLogis also serves MatsushitaÂ's Kotobuki Electronics division in the South Bay submarket of San Francisco.

The Matsushita facility has a total expected cost of approximately $35 million, or 4.2 billion yen (based upon an exchange rate of 120 yen to the dollar). The facility is scheduled for completion in May 2003. It will feature six floors with 12 truck docks on the ground level and five standard 3.5-ton freight elevators to serve the upper floors. Located less than 6.2 miles (10 kilometers) from TokyoÂ's central business district, the facility also provides excellent access to Tokyo Bay and the Wangan Doro roadway which connects Chiba, Tokyo and Narita Airport. The Matsushita facility is located just 3.7 miles (6 kilometers) from the property ProLogis is currently developing for DHL Japan Inc., which is on-time for scheduled completion in late September 2002.

ProLogis acquires strategically located logistics site
ProLogis also announced that it won an open tender, conducted by the Tokyo Metropolitan Government, to purchase a 3.7 acre (14,879 square meter) land parcel in TokyoÂ's Ohta ward. The acquisition of this land in a prime location, 2.5 miles (4 kilometers) from the heart of Tokyo, provides ProLogis with a unique opportunity to develop a multi-purpose distribution facility to serve the needs of local and international customers. ProLogisÂ' plans for the site call for a 584,000 square foot (54,240 square meter), seven-story facility. When complete, this in-fill facility will serve multiple customers and provide truck access to every floor.

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(source: ProLogis)

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