Norges Bank Investment Management (NBIM), responsible for the investments of Norway's Government Pension Fund Global, has agreed to invest USD 800m into Blackstone Americas Logistics, Blackstone's Core+ North America logistics closed-end fund.

The agreement was signed on 14 May 2025, and the fund will invest in logistics warehouse properties located in large population centres in the US and Canada.

These locations were chosen due to the usage of the properties being “critical” for economic consumption and production.

NBIM currently owns NOK 138bn of logistics properties across Europe and the US, and this investment will provide NBIM with further investment opportunities and exposure.

NBIM head of global logistics real estate, Ed Lerum, said that the company has had “productive dialogue” with Blackstone for a long time, calling it a “highly experienced real estate investor with a strong reputation”.

Lerum also praised Blackstone for its “compelling” track record of “responsibly” creating value for their investment partners.

Adding to this, NBIM global co-head of unlisted real estate, Per Løken, said: “We are excited about entering into a partnership with Blackstone.

“This opportunity allows us to increase our exposure to the US and Canadian logistics markets and grow our knowledge and experience alongside Blackstone.”

This investment follows a series of investments from NBIM so far this year, which include several investments in the US (a logistics portfolio and office properties), several investments in the UK (a property portfolio and a mixed-use property portfolio), a real estate holding in France and Spain and two offshore wind construction projects in Denmark and Germany.

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