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Handshake and money

Prologis and Norges Bank Investment Management close USD1bn joint venture in US

Fri, 10/01/2014 - 14:27

Prologis has closed Prologis US Logistics Venture (USLV), a USD1bn joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global.

The venture acquired a 12.8 million square foot stabilised portfolio comprising 66 logistics facilities formerly owned by Prologis.
 
"The extension of our partnership with Norges Bank speaks to our shared long-term investment perspective," says Eugene F Reilly, chief executive officer, Prologis Americas. "This venture underscores the strength of the US industrial market and the investment potential of our high-quality portfolio."
 
The venture may grow through acquiring strategic portfolios in target markets and, where appropriate, properties that complement the existing asset base.



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