In its second venture with Norges Bank, Prologis, Inc. announced this week that it had signed a definitive agreement to form Prologis U.S. Logistics Venture with Norges Bank Investment Management, which is the manager of the Norwegian Government Pension Fund Global. Under the agreement, Norway's government pension fund purchased a 45% stake in a 12.8 million-square-foot industrial and logistics property portfolio in the U.S. from Prologis Inc. for $450 million. The portfolio includes 66 properties throughout eight states across nine markets, with the deal price valuing the portfolio at approximately $1 billion, according to a World Property Channel report.
"Following our joint venture in Europe earlier this year, we are pleased to extend our relationship with NBIM into the U.S.," said James Green, managing director, Global Client Relations, Prologis.
"The formation of this venture is consistent with our joint long-term focus of investing in high-quality assets in key global markets," said Eugene Reilly, chief executive officer, Prologis Americas. "U.S. Logistics Venture is expected to grow in the future, including through acquiring strategic portfolios and, where appropriate, properties that complement the existing asset base."
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