SAN FRANCISCO-Locally based Prologis Inc. today revealed the closing of Prologis U.S. Logistics Venture, a $1-billion joint venture with Norges Bank Investment Management, manager of the Norwegian Government Pension Fund Global. As GlobeSt.com reported in December, the venture acquired a 12.8-million-square foot stabilized portfolio comprising 66 logistics facilities formerly owned by Prologis.
The venture may grow through acquiring strategic portfolios in target markets and, where appropriate, properties that complement the existing asset base.
“The extension of our partnership with Norges Bank speaks to our shared long-term investment perspective,” notes Eugene F. Reilly, chief executive officer, Prologis Americas. “This venture underscores the strength of the U.S. industrial market and the investment potential of our high-quality portfolio.”
As GlobeSt.com previously reported, the new entity (USLV) is structured as a 55/45 venturewith 55% owned by Prologis and 45% by Norges Bank Investment Management (NBIM).
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