SAN FRANCISCO-Prologis, Inc. has signed a definitive agreement to form Prologis U.S. Logistics Venture with the manager of the Norwegian Government Pension Fund Global.
The new entity (USLV) will be structured as a 55/45 venture with 55% owned by Prologis and 45% by Norges Bank Investment Management (NBIM).
“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.
Upon closing, the venture will acquire a $1 billion stabilized portfolio of 66 logistics facilities totaling approximately 12.8 million square feet across the U.S. The portfolio will comprise a portion of assets from Prologis' former North American Industrial Fund III and Prologis Institutional Alliance Fund II. The venture is expected to close in January 2014.
“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, CEO, Prologis Americas. “USLV 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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