ProLogis will build a new 1.2 million sq.ft distribution centre in Osaka’s Maishima area, close to four other ProLogis park sites.
Construction of the new facility, to be called ProLogis Parc Osaka III, is scheduled to begin in the first quarter of 2008, with a total expected investment of approximately US$200 million.
ProLogis' existing buildings in Maishima include two operational facilities (both of which opened in the second half of 2006 and are fully leased), and two currently under development. Combined, the four parks comprise more than 3.5 million sq.ft of leasable distribution space.
According to Japan co-president for ProLogis, Mike Yamada, the Maishima area of Osaka is emerging as one of the port's most important submarkets for distribution and logistics.
“Demand for our facilities here has been exceptionally strong, and we expect healthy market conditions to persist for the foreseeable future given the role Osaka plays as one of Japan's primary import-export hubs,” said Yamada.
As at December 31, 2006, ProLogis' operating portfolio in Japan comprised 16.6 million sq.ft of industrial space, concentrated in the markets of Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima and Sendai, plus another 5.2 million sq.ft under development.
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