In a related transaction, ProLogis Japan Properties Fund II acquired an adjacent, 1.1-million-square-foot (103,300-square-meter) industrial warehouse from Renown, which has been renamed ProLogis Parc Narashino II.
Renown continues to operate that building, under a long-term lease with ProLogis, as its primary distribution center in Japan.
At June 30, 2006, ProLogis' operating portfolio in Japan comprised 13.6 million square feet (1.26 million square meters) of industrial space, concentrated in the markets of Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima and Sendai.
The company had another 8.4 million square feet under development. Major customers in Japan include Askul, Hitachi Transport System, Nippon Express, Panasonic, Renown, Sanyo Electric Logistics and Shinkai Group.
ProLogis is a leading provider of distribution facilities and services with 404.3 million square feet (37.6 million square meters) in 2,401 properties owned, managed and under development in 81 markets in North America, Europe and Asia as of June 30, 2006.
The company continues to expand the industry's first and largest global network of distribution facilities with the objective of building shareholder value. It expects to achieve this through the ProLogis Operating System and its commitment to provide exceptional facilities and services to meet its customers' expansion and reconfiguration needs.
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