Norway’s sovereign wealth fund Norges Bank Investment Management and property investment group Prologis Inc. have agreed to jointly buy a $1.99 billion logistics real estate portfolio.
The portfolio consists of 127 properties located across multiple U.S. markets, including Southern California, San Francisco Bay Area, Seattle and Dallas.
Under the terms of the agreement, Norges Bank Investment Management will acquire its 45 percent interest for approximately $896 million, valuing the portfolio at $1.99 billion. No financing will be involved to fund the transaction.
Prologis will acquire the remaining 55 percent interest and will manage the properties on behalf of the joint venture.
