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Thursday, January 10, 2013

Prologis Japan REIT to sell up to $1 billion shares in IPO, (NYSE: PLD)

Nippon Prologis REIT, a real estate trust set up by Prologis Inc, a U.S-based operator of warehouses, said it would sell about 91 billion yen ($1.04 billion) worth of shares in an initial public offering in Japan. Nippon Prologis, which has assets worth about 173 billion yen, will sell 182,350 shares in Japan and overseas at an estimated price of 500,000 yen per share, the real estate trust said in a filing on Thursday. As many as 9,118 shares may be sold additionally depending on the demand.Its IPO follows that of GLP J-REIT, a real estate trust for warehouses set up by Singapore's Global Logistic Properties Ltd , which started trading in Japan last month after selling 111 billion yen worth of shares.The rush of listings by real estate trusts for warehouse operators comes at a time Japan's market for industrial real estate is expected to grow.The demand for modern warehouses will grow as volume of Internet shopping increases, said Junichi Tazawa, a real estate analyst at Barclays in Tokyo.

Prologis, Inc. (Prologis), formerly AMB Property Corporation, is a real estate investment trust (REIT) and the general partner of the Prologis, L. Shares of PLD remained unchanged at $38.22. In the past year, the shares have traded as low as $29.09 and as high as $38.28. On average, 2601820 shares of PLD exchange hands on a given day and today's volume is recorded at 0.