PLD Signs Japan Build-to-Suit Deal - Analyst Blog
11 Settembre 2012 - 6:17PM
Zacks
Prologis Inc. (PLD), a leading industrial real
estate investment trust (REIT), has recently signed a new
build-to-suit agreement spanning about 810,000 square feet in
Osaka, Japan, for an undisclosed amount. The deal was penned with
Rakuten Inc. – one of the premier global online retailers offering
a wide array of services such as e-commerce, e-reading, travel,
banking, securities, credit card, e-money, portal and media, and
online marketing.
The proposed construction for the building is scheduled to begin in
November this year and is expected to be complete within a year.
The strategic agreement strengthens the long-term relationships of
both the participating companies and offers a win-win deal for
both. While Rakuten would benefit from the expertise of Prologis,
the latter would gain unrivalled market dominance with strong
demands for its state-of-the-art facilities.
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 June 30,
2012, Prologis had approximately 22 million square feet of
logistics and distribution space 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 Underperform recommendation and a Zacks #5 Rank
(short-term Strong Sell 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 Giu 2024 a Lug 2024
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Lug 2023 a Lug 2024
Notizie in Tempo Reale relative a Winthrop Realty Trust New (delisted) (Borsa di New York (NYSE)): 0 articoli recenti
Più Winthrop Articoli Notizie