Norway's Norges Bank Investment Management (NBIM) has agreed a new strategic partnership with Ares Real Estate to invest in, develop, and operate logistics assets across Europe.
As part of the agreement, NBIM has made an equity commitment of €1.5bn and will have an ownership stake of 96 per cent.
NBIM currently owns around €11.5bn of logistics properties in Europe and North Amercia, with the new partnership expected to provide further investment opportunities and exposure alongside Ares.
The partnership will invest in logistics warehouse facilities, focused on locations near major European consumer centres.
Ares’ integrated logistics operating platform, Marq Logistics, will source, develop and manage the assets.
The investments will be predominantly in Western and Southern Europe, including the United Kingdom.
“Ares is an experienced investor and developer with a strong presence in Europe's major logistics markets, and has a good track record of creating value for its investment partners,” commented NBIM global head of real estate, Alex Knapp.
“This partnership gives us access to both standing assets and development opportunities, and we look forward to building a long-lasting partnership.”
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