Nippon Prologis to raise $808 million to expand in Japan

Author: AJOT | May 16 2013 at 08:00 PM | Category: Intermodal  

Nippon Prologis to raise $808 million to expand in Japan

Nippon Prologis REIT Inc, a real estate trust set up by U.S. warehouse operator Prologis Inc, said it would sell 96,200 new shares worth 82.8 billion yen ($808 million) to further expand in Japan.

Prologis said in a statement it plans to buy warehouses, mainly in the greater Tokyo region, with the funds.

The REIT's shares have surged 57 percent since their market debut in February, as the stock market gained momentum due to Japanese government stimulus measures aimed at tackling deflation.

The Tokyo Stock Exchange REIT index gained about 24 percent since the beginning of the year, while Japan's property stocks index jumped about 54 percent for the same period. (Reuters)

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