Nippon Prologis Reit targets $378m in follow-on

Books open for a 167,000 unit sale in Nippon Prologis Reit, the latest J-Reit looking to tap capital markets.

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222