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.