Prologis Inks Japan Lease Agreements - Analyst Blog
18 Luglio 2012 - 7:15PM
Zacks
Prologis Inc. (PLD), a leading industrial real
estate investment trust (REIT), has recently signed five new lease
agreements spanning about 558,000 square feet of its development
portfolio in Japan. The deal was penned with unnamed customers for
an undisclosed amount.
Earlier, in May 2012, Prologis had signed a build-to-suit agreement
to construct a new e-commerce distribution hub spanning 473,000
square feet in Osaka, Japan. Prologis will start construction on
the proposed hub in November 2012 and expects to wind it up by
September 2013.
The distribution hub will come up in Prologis Park Amagasaki 3,
which is strategically located in close proximity to the central
business district of Osaka with easy access to major expressways
and a commuter rail station.
The continued leasing activities in the region show signs of
stability in the industrial property market in Japan that was
pegged back by the devastation and loss caused by the earthquake
and tsunami.
In addition, with improving property values and growing
institutional demand for quality properties, Prologis has witnessed
a growing customer interest in new build-to-suit development
projects across the globe. Additionally, leasing decisions that
were earlier postponed due to volatility in the markets are
gradually coming off the shelf.
Prologis acquires, develops, operates and manages industrial real
estate space in North America, Asia and Europe. As of March 31,
2012, Prologis had approximately 22 million square feet of
logistics and distribution space in Japan. Given its international
presence, Prologis has lately faced unfavorable foreign currency
movements and other economic fluctuations that have impaired its
top-line growth.
Furthermore, although first quarter 2012 results were in sync with
the Zacks Consensus Estimates, macroeconomic issues had contributed
to a slower pace of recovery as the industry was affected by the
continued concerns about sovereign debt issues, rising energy
costs, global military action, and natural calamity in Japan.
We currently have a Neutral recommendation and a Zacks #3 Rank for
Prologis, which translates into a short-term Hold rating. However,
we have an Outperform recommendation and a Zacks #1 Rank
(short-term Strong Buy rating) for Winthrop Realty
Trust (FUR), one of the peers of Prologis.
WINTHROP REALTY (FUR): Free Stock Analysis Report
PROLOGIS INC (PLD): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Ott 2023 a Ott 2024
Notizie in Tempo Reale relative a Winthrop Realty Trust New (delisted) (Borsa di New York (NYSE)): 0 articoli recenti
Più Winthrop Articoli Notizie