TOKYO Jan 10 Nippon Prologis REIT, a real
estate trust set up by Prologis Inc, a U.S-based
operator of warehouses, said it would sell about 91 billion yen
($1.04 billion) worth of shares in an initial public offering in
Nippon Prologis, which has assets worth about 173 billion
yen, will sell 182,350 shares in Japan and overseas at an
estimated price of 500,000 yen per share, the real estate trust
said in a filing on Thursday. As many as 9,118 shares may be
sold additionally depending on the demand.
Its IPO follows that of GLP J-REIT, a real estate
trust for warehouses set up by Singapore's Global Logistic
Properties Ltd , which started trading in Japan last
month after selling 111 billion yen worth of shares.
The rush of listings by real estate trusts for warehouse
operators comes at a time Japan's market for industrial real
estate is expected to grow.
The demand for modern warehouses will grow as volume of
Internet shopping increases, said Junichi Tazawa, a real estate
analyst at Barclays in Tokyo.
"Also, Japanese manufacturers are focusing on their core
business and they tend to outsource logistics to cut costs,
which creates new demand of warehouses," he added.
Nippon Prologis will set the price on Feb. 4 and trading is
expecting to start on the Tokyo Stock Exchange on Feb. 14.