Norges Bank Investment Management (NBIM), on behalf of the Government Pension Fund Global (GPFG) has acquired a 45 per cent share in a US real estate portfolio for US$896m (€813.6m).
The acquisition is part of a joint agreement signed by NBIM and Prologis to acquire a 19 million square feet logistics real estate portfolio. The portfolio consists of 127 properties located across multiple US markets, including Southern California, San Francisco Bay Area, Seattle and Dallas.
The agreement was signed on 21 November 2019, with completion expected in January 2020.
Under the terms of the agreement, NBIM will acquire its 45 per cent interest for US$896m, valuing the portfolio at US$1.99bn (€1.8bn). No financing will be involved to fund the transaction.
Prologis will acquire the remaining 55 per cent 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.
Recent Stories