ProLogis to Develop Facility for Senko in Japan

ProLogis has announced that it will develop a 616,000 sq foot (57,200 sq m) distribution facility in Osaka, Japan, for Senko, an integrated distribution services company with a national network of office locations, vehicles and cargo ships.

"ProLogis’ land bank in Japan includes sites in the country's most strategic distribution locations," said Mike Yamada, president for ProLogis in Japan. The implementation of this project also enables us to monetize our land bank with reduced risk, which is directly in line with our new approach to development."

ProLogis and Shimizu Corporation, an architectural, engineering and general contracting firm, have formed a joint venture for the project. As a part of its investment, the former will contribute a five-acre (two-hectare) parcel of land it currently owns in Osaka.

In addition, the former will receive a construction management fee. Through the joint venture, it will continue to own and manage the property, receiving asset and property management fees and its portion of rental income.

Construction of the facility, to be called ProLogis Parc Maishima IV, will commence in September 2009 and is expected to be completed in the summer of 2010. Senko will operate the five-story distribution center as a distribution hub in Osaka.

The site for ProLogis Parc Maishima IV is strategically situated within a growing distribution hub in Japan. The facility is approximately four miles (six kilometers) from the Port of Osaka, less than six miles (nine kilometers) from the Osaka central business district and approximately 17 miles (28 kilometers) from the Kansai International Airport.

Prologis, www.prologis.com