ProLogis (PLD), a leading global provider of distribution facilities, recently leased about 188,000 square feet of its development portfolio in Japan to global customers, thereby strengthening its position in the market.
About 95,000 square feet were leased to Caterpillar Logistics Services Inc., the logistics division of Caterpillar Inc. (CAT), the world’s largest manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The lessee will occupy space at ProLogis Parc Narita III near Tokyo, Japan.
The company has also leased 93,000 square feet at ProLogis Parc Ichikawa I, a distribution facility near Tokyo, to an unnamed global supplier of office products. This is the sixth such leasing agreement with the lessee, who now occupies approximately 1.2 million square feet across the U.S., Mexico and Japan.
ProLogis owns and manages interests in over 2,500 distribution facilities, service offices and properties spanning 475 million square feet of space. As of June 30, the company had 200.5 million square feet of direct-owned industrial properties – 81.5% of which were located in North America, 14.2% in Europe and 4.3% in Asia.
With nearly 8.5 million square feet of distribution space and 98 acres of land for future development, ProLogis is one of the largest providers of distribution facilities in Japan. Its major customers in the country include Yamato Logistics, diversified producer Daikin Industries, warehouse club chain Costco and leading air and ocean freight firm Kintetsu World Express.
Read the full analyst report on “PLD”
Read the full analyst report on “CAT”
Zacks Investment Research