ProLogis (PLD), a leading global provider of distribution facilities, recently signed a new lease agreement spanning about 269,000 square feet of its development portfolio in Japan to Rakuten Inc., the largest internet shopping mall and related internet service-provider in the country.
The lessee will occupy the space at ProLogis Parc Ichikawa I, a 1.3 million square feet distribution facility in Ichikawa City, near Tokyo. The leased facility is strategically located along a major highway network that facilitates distribution to the greater Tokyo and greater Chiba regions – one of the largest industrial areas of the country.
With improving property values and growing institutional demand for quality properties, ProLogis has witnessed a growing customer interest in new build-to-suit development projects across the globe. In addition, leasing decisions that were earlier postponed due to volatility in the markets are gradually coming off the shelf.
ProLogis owns and manages interests in over 2,500 distribution facilities, service offices, and properties spanning 475 million square feet of space (including properties under development), of which approximately 10.7 million square feet is located in Japan. The company leases its industrial facilities to over 4,400 customers, which mostly include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.
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