Prologis Japan REIT prices IPO at top of range
TOKYO Feb 4 (Reuters) - Nippon Prologis REIT, a real estate trust set up by U.S. warehouse operator Prologis Inc, said it would sell 100.3 billion yen ($1.08 billion) worth of shares in an initial public offering, pricing the stock at top of the range.
Nippon Prologis, which owns and manages warehouses across Japan, priced the stock at 550,000 yen from a range of between 510,000 yen and 550,000 yen, according to a public filing made on Monday.
Japan's Topix index has rallied 11 percent this year, while the index for Japan's real estate trusts has gained 10.5 percent.
Nippon Prologis stands in a good position as demand for modern warehouses is expected to grow further in Japan as volume of Internet shopping is set to increase.
Nippon Prologis will sell 182,350 shares in Japan and overseas, of which 109,645 shares will be sold in Japan - fewer shares than it had planned.
Instead it boosted the number of shares sold overseas to 72,940 shares from 54,705 shares. As many as 9,118 shares may be sold additionally depending on the demand.
Prologis's Japanese unit serves for Japanese ecommerce giant Rakuten Inc, a home electronics maker Panasonic Corp , a major transport company Nippon Express Co and others.
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