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ProLogis (NYSE: PLD), a leading global provider of distribution facilities and services, announced that it will develop a new, 661,000-square-foot (61,400-square-meter) industrial facility adjacent to Tokyo's Narita International Airport. The seven-story, multi-tenant facility, to be called ProLogis Parc Narita III, will be ProLogis' third distribution center in the strategically important Narita submarket. It will be built on a recently acquired, 12-acre parcel less than 1 kilometer from the airport's cargo entrance.
ProLogis to Develop 661,000-Square-Foot Industrial Facility Near Tokyo's Narita International Airport
ProLogis (NYSE: PLD), a leading global provider of distribution facilities and services, announced that it will develop a new, 661,000-square-foot (61,400-square-meter) industrial facility adjacent to Tokyo's Narita International Airport. The seven-story, multi-tenant facility, to be called ProLogis Parc Narita III, will be ProLogis' third distribution center in the strategically important Narita submarket. It will be built on a recently acquired, 12-acre parcel less than 1 kilometer from the airport's cargo entrance. "We are extremely pleased to have successfully acquired this site, which we believe is clearly the best site for the development of distribution space in the airport area," said Mike Yamada, co-president of Japan operations for ProLogis. "Narita is one of the world's largest cargo airports, with air freight volume exceeding 2.3 million tons per annum. ProLogis has successfully built the largest industrial platform serving the airport over the past three years, and this new facility will significantly extend that leadership position." ProLogis' other two facilities in the area -- ProLogis Parc Narita I and ProLogis Parc Narita II -- total approximately 690,000 square feet (64,100 square meters) combined. As previously announced, both facilities are now fully leased following a recent transaction with Kuehne & Nagle, a leading European logistics service provider. Construction of the new facility is scheduled for completion in the second half of 2007, with a total expected investment of approximately US$100 million. ProLogis' operating portfolio in Japan comprises 12.3 million square feet (1.14 million square meters) of industrial space, which is currently more than 97 percent leased. The company has another 9.7 million square feet under development. Major customers in Japan include Nippon Express, Askul, Hitachi Transport System Ltd., Sanyo Electric Logistics, Shinkai Group and Renown. Source: Press Release
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