Norges Bank Investment Management has paid $1.07 billion for its 45 percent ownership interest, valuing the portfolio at $3.27 billion, which is encumbered by $888 million of existing debt.
The seller of the portfolio is Canada Pension Plan Investment Board (CPP Investments). Goodman already owned 55 percent of the portfolio and will retain its ownership share. Goodman will also perform the asset management on behalf of the joint venture.
“We are excited about growing our logistics real estate exposure and entering into a partnership with Goodman. This investment aligns with our long-term strategy, and we think now is a good time to invest,” said Per Løken, global head of unlisted real estate at Norges Bank Investment Management.
The portfolio has a total leasable area of 1.3 million square meters (14.0 million square feet) and comprises 48 buildings and five land plots.
“The portfolio exemplifies high-quality buildings in excellent locations. We h
