NEW YORK - ProLogis, a builder and owner of warehouses and distribution facilities, said on Monday that it had set an alliance with Japan Logistics Fund Inc, or JLF, to jointly own and manage some distribution facilities in Japan.

The deal is aimed at reducing ProLogis' risk in its Japan development portfolio, with at least some distribution facilities jointly owned by both parties.

Financial terms were not disclosed.

JLF, managed by Mitsui & Co Logistics Partners, is the only Japanese real estate investment trust dedicated to logistics properties, ProLogis said. (Reporting by Nick Zieminski; Editing by Lisa Von Ahn)