Nippon Prologis REIT Prices New Investment Units
Prologis, Inc. the industrial real estate, has announced that Japanese real estate investment trust Nippon Prologis REIT, Inc. (NPR) priced investment units at 231,574 Japanese yen per unit, including over-allotment option. The offering will comprise a domestic placement of 61,160 units and an international placement of 50,040 units.
NPR will use the proceeds from the issuance to repay bridge loans used to acquire four Class-A properties for JPY 42.1 billion ($372 million). The assets, totaling approximately 2.3 million square feet (214,577 square meters), were made available to NPR through its sponsor support agreement with Prologis. The offering is expected to close March 14, 2016 in Japan.
NPR is managed by a wholly owned subsidiary of Prologis.
This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Source: PRNewswire