Nippon Prologis REIT has priced its offering of new units at JPY222,460 each, including an over-allotment option.

The offering will comprise a domestic placement of 35,420 units, and an international placement of 28,980 units, the REIT announced on 12 December.

Nippon Prologis REIT will be deploying proceeds from issue of the new units to repay loans related to the acquisition of three Japanese industrial properties in Ibaraki, Chiba, and Saitama respectively.

The REIT first announced in early December 2016 that it will be acquiring the three new properties from its sponsor, Prologis Inc, for JPY30.6 billion (USD272 million).

The properties, which feature a combined gross floor area of approximately 153,000 square metres, are expected to be completed between April 2017 and February 2018.

Issuance of the new units is expected to close on 19 December 2016 in Japan.

Units of Nippon Prologis REIT last changed hands on the Tokyo Stock Exchange at JPY227,000.