ProLogis, GIC Real Estate to pursue industrial facilities in Japan

A joint venture of Aurora, Colo.-based ProLogis and GIC Real Estate has created a $1 billion fund to acquire properties in Japan. GIC Real Estate is the real estate investment arm of the Government of Singapore Investment Corp. Although the fund will pursue acquisition across the country, it will focus on the cities of Tokyo, Osaka and Nagoya. ProLogis will contribute a 196,000 sq. ft. distribution facility that it is building in Tokyo for DHL International to the fund. The facility is slated for completion this fall.