Logistics real estate giant Prologis Inc. (NYSE:PLD) and Norges Bank Investment Management, the investment arm of Norway’s oil fund, have struck a deal to acquire a 19 million-square-foot U.S. portfolio in a $1.99 billion deal, the Norges Bank arm said.
Under the terms of a joint venture agreement, the Norges Bank unit will acquire a 45% stake for approximately $896 million. Prologis will control the remaining 55% and manage the properties. The transaction will not require any financing to be consummated, the unit said.
The joint venture is buying 127 properties in multiple U.S. markets, notably Southern California, the San Francisco Bay Area, Seattle and Dallas.
The deal is an outgrowth of Prologis’ $3.99 billion acquisition in July of Industrial Property Trust Inc., whose 375 million-square-foot portfolio comprised 236 properties, 96% of which were in existing Prologis markets.
Launched in 1996, the Norwegian oil fund today holds small stakes in more than 9,000 companies worldwide, according to the investment arm. On any given trading day, it holds 1.4% of all of the world’s publicly traded companies.
Prologis, the world’s largest developer, owner and operator of logistics warehouses, controls 797 million square feet worldwide. Of that, 460 million square feet is in the U.S.
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now