Norway Sovereign Fund Gets Tied up in Major U.S. Logistics Real Estate Portfolio Deal with Prologis
Posted on 11/25/2019
Norway Government Pension Fund Global, in a joint venture with Prologis, signed a deal to purchase a 19 million square feet logistics real estate portfolio in the United States. The deal was signed on November 21, 2019 with an expected completion date in January 2020. The massive portfolio is comprised of 127 properties in markets such as Southern California, San Francisco Bay Area, Seattle, and Dallas.
According to the press release from Norges Bank Investment Management (NBIM), “Under the terms of the agreement, Norges Bank Investment Management will acquire its 45 percent interest for approximately 896 million dollars, valuing the portfolio at 1.99 billion dollars. No financing will be involved to fund the transaction.
Prologis will acquire the remaining 55 percent interest and will manage the properties on behalf of the joint venture.
The acquisition is a subset of Prologis Inc’s definitive merger agreement to acquire Industrial Property Trust, Inc.”