Prologis to Develop 3.2 Million Square Feet in Japan
SAN FRANCISCO, May 14, 2014 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced it will develop three inventory logistics facilities totaling 3.2 million square feet (298,000 square meters) near Tokyo.
The projects include:
- 1.4 million square feet (128,000 square meters) at Prologis Park Chiba New Town. The new facility, the first at this park, will be located along National Highway No. 464, which provides easy access to Narita International Airport;
- 1.1 million square feet (105,000 square meters) at Prologis Park Yoshimi, adjacent to the Ken-O Expressway. Prologis plans to obtain CASBEE "A" certification for the three-story facility that will be equipped with a solar rooftop system; and
- 695,000 square feet (65,000 square meters) at Prologis Park Narashino 5. Located 20 kilometers from central Tokyo, Narashino is a popular distribution hub for e-commerce customers. The four-story facility will feature energy-efficient lighting and a solar rooftop system.
"We continue to secure parcels of land and leverage our development expertise to provide quality properties in key locations," said Mike Yamada, president, Prologis Japan. "These Class-A facilities will offer customers central distribution to Tokyo and the surrounding metropolitan area."
Prologis owns and manages approximately 22.9 million square feet (2.1 million square meters) of logistics and distribution space in Japan as of March 31, 2014.
Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of March 31, 2014, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 574 million square feet (53.3 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,700 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("REIT") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this document.
SOURCE Prologis, Inc.