ProLogis has completed a $735m (£359m) sale and leaseback deal with Japanese electronics supplier Matsushita for a 17-strong logistics portfolio.
The deal sees ProLogis take control of 3.6m sq ft of distribution warehousing across Japan. The portfolio was sold by the subsidiary Matsushita Logistics to ProLogis’ joint venture vehicle with GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation.
Matsushita Logistics will sign leases on 15 of the properties – ranging in size from 84,000 sq ft to 831,000 sq ft. More than 60% of the portfolio is located in Japan’s largest logistics areas of Tokyo and Osaka.
Masato Miki, ProLogis co-president of Japan operations said: ‘Increasingly, large companies here are seeking to outsource distribution and real estate operations in order to fortify their balance sheets and to focus their business resources on core operations.’
Before the deal, ProLogis’ portfolio in Japan extended to 21.7m q ft. It has a further 4.9m sq ft under development.