Nippon Prologis Reit NPR, a real estate investment trust set up by the world’s largest owner of industrial buildings, aims to raise up to 39.3 billion $378 million in a follow-on offering.
The Reit, managed by San Francisco-based Prologis, will sell up to 167,000 primary units with a discount of 2% to 4.5% to the August 25 close of 240,000, according to a term sheet. Bankers began taking orders on Tuesday. Prologis will retain its 15% stake in NPR.
NPR will use the proceeds from the follow-on to repay bridge loans used to acquire five Class-A properties for 45.5 billion. The assets, which total...
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