Nippon Prologis Reit raises $375m in follow-on

The Reit set up by the world's largest owner of industrial buildings will use the proceeds to repay bridge loans.
Prologis is the world’s largest owner of industrial buildings
Prologis is the world’s largest owner of industrial buildings

Nippon Prologis Reit NPR, the real estate investment trust set up by the world’s largest owner of industrial buildings, has raised 39.9 billion $375 million from a follow-on offering.

The Reit, managed by San Francisco-based Prologis, sold 159,050 units at 250,096 per share, a 2% discount to the September 8 closing price of 255,200 per share, according to a term sheet. The overallotment option, if exercised, will add on an additional 7,950 units, and bring the total deal size to 167,000 units.

Bankers started taking orders on August 26, with an initial discount range between 2% and 4.5% to the August 25 close of 240,000.

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