Prologis has teamed up with Norges Bank Investment Management (NBIM), the manager of the Norwegian Government Pension Fund Global, to form Prologis US Logistics Venture (USLV).
USLV will be structured as a 55/45 venture with 55 per cent owned by Prologis and 45 per cent by NBIM.
"Following our joint venture in Europe earlier this year, we are pleased to extend our relationship with NBIM into the US," says James W Green, managing director, global client relations, Prologis.
Upon closing, the venture will acquire a USD1bn stabilised portfolio of 66 logistics facilities totalling approximately 12.8 million square feet across the US. The portfolio will comprise a portion of assets from Prologis' former North American Industrial Fund III and Prologis Institutional Alliance Fund II. The venture is expected to close in January 2014.
"The formation of this venture is consistent with our joint long-term focus of investing in high-quality assets in key global markets," says Eugene F Reilly, chief executive officer, Prologis Americas. "USLV is expected to grow in the future, including through acquiring strategic portfolios and, where appropriate, properties that complement the existing asset base."