{"id":1004120442,"date":"2015-06-02T07:15:59","date_gmt":"2015-06-02T15:15:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120442"},"modified":"2022-12-08T14:57:03","modified_gmt":"2022-12-08T22:57:03","slug":"behind-the-prologis-norges-blockbuster","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/behind-the-prologis-norges-blockbuster\/","title":{"rendered":"Behind the Prologis-Norges Blockbuster"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p>Prologis U.S. Logistics Venture has teamed with Norges Bank Investment Management on the acquisition of KTR Capital Partners entire real estate assets and operating platform, consisting of three investment funds, for $5.9 billion.<\/p>\n<p>\u201cThis deal shows that large U.S. commercial real estate portfolios continue to catch the eye of foreign pension funds and sovereign wealth funds,\u201d Andrew Maguire, a shareholder in the real estate group of McCausland Keen &amp; Buckman, told <em>Commercial Property Executive<\/em>.<\/p>\n<div id=\"attachment_1004120446\" style=\"width: 266px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004120446\" data-attachment-id=\"1004120446\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/behind-the-prologis-norges-blockbuster\/andrew-maguire-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg\" data-orig-size=\"256,256\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Andrew Maguire\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Andrew Maguire, McCausland Keen &#038; Buckman&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg?w=256\" class=\"size-full wp-image-1004120446\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg\" alt=\"Andrew Maguire, McCausland Keen &amp; Buckman\" width=\"256\" height=\"256\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg 256w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Andrew-Maguire.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/a><p id=\"caption-attachment-1004120446\" class=\"wp-caption-text\">Andrew Maguire, McCausland Keen &amp; Buckman<\/p><\/div>\n<p>\u201cConsistent with the established pattern, a deep-pocketed foreign fund (in this case, Norway\u2019s NBIM) has teamed with an industry leader with large-scale operations and management capacity to acquire a significant portfolio of U.S. real estate assets.\u201d<\/p>\n<p>The portfolio comprises 60 million square feet of in-service properties, 3.6 million square feet of development in-progress and land with 6.8 million square feet of potential build-out.<\/p>\n<p>\u201cThe status of the ongoing projects (i.e., the percentage of space that has been pre-leased) and the development potential of the land\u2014primarily, how it is zoned and whether needed approvals and permits are in place\u2014will surely influence the long-term success of the overall acquisition,\u201d Maguire said.<\/p>\n<p>Originally established in 2004 as an investment, development and operating company focused exclusively on the industrial property sector in North America, KTR has spent the last decade becoming an industry leader in the most sought-after industrial markets including Los Angeles, New Jersey, Chicago, Miami, Dallas, Houston, Seattle and the San Francisco Bay area.<\/p>\n<p>During the past decade, KTR invested over $7 billion of capital across 215 transactions encompassing nearly 600 properties totaling upwards of 100 million square feet of acquisitions and more than 25 million square feet of speculative and build-to-suit development.<\/p>\n<p>\u201cWe have had the honor of serving an elite group of limited partners and we have worked with a tremendous group of partners and industry professionals,\u201d Jeffrey Kelter, KTR\u2019s chairman &amp; CEO, said in a statement. \u201cOver the past 17 years of investing in industrial assets in the United States and realizing over $8 billion in dispositions, we are proud of the industry leading returns our investment strategy has produced, both as a private and public company.\u201d<\/p>\n<p>According to Maguire, the deal might signal that foreign institutional investors are gravitating to stable industrial assets located within major distribution areas.\u00a0 As another example, he cited a deal from earlier this year, where a joint venture including Singapore\u2019s sovereign wealth fund purchased more than 100 million square feet of industrial properties located across the nation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 5.9 billion reasons why the industrial REIT and the Norwegian investment manager pursued KTR Capital Partners. <\/p>\n","protected":false},"author":451,"featured_media":1004120446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742],"tags":[],"class_list":["post-1004120442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Behind the Prologis-Norges Blockbuster - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/behind-the-prologis-norges-blockbuster\/\" \/>\n<meta property=\"og:locale\" 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