{"id":1004371571,"date":"2019-11-26T09:51:29","date_gmt":"2019-11-26T17:51:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004371571"},"modified":"2019-11-27T07:47:14","modified_gmt":"2019-11-27T15:47:14","slug":"prologis-norges-buy-2b-logistics-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-norges-buy-2b-logistics-portfolio\/","title":{"rendered":"Prologis, Norges Buy $2B Logistics Portfolio"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay<\/em><\/p><\/div>\n

Logistics giant Prologis and its joint venture partner Norges Bank Investment Management (NBIM), the real estate arm of Norway\u2019s sovereign wealth fund, have agreed to purchase a 127-property logistics portfolio spread across several cities in the U.S. for $1.99 billion.<\/p>\n

Under the terms of the deal, NBIM will acquire a 45 percent stake in the portfolio for approximately $896 million, while Prologis will acquire the remaining 55 percent stake in the portfolio and will manage the properties on behalf of the joint venture. NBIM said in a release that no financing will be involved to fund the purchase.<\/p>\n

The acquisition comes after Prologis\u2019 blockbuster purchase of Liberty Property Trust<\/a> last month for $12.6 billion, one of the largest-ever logistics deals. According to a release from NBIM, the purchase is a subset of Prologis\u2019 agreement to acquire Industrial Property Trust Inc.<\/p>\n

\n

READ ALSO: <\/strong>Logistics Sector Activity Normalizes in Third Quarter<\/a><\/p>\n

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The portfolio includes logistics properties in Southern California, the San Francisco Bay Area, Seattle and Dallas. Prologis did not respond to a request for more information on the properties as of press time.<\/p>\n

Prologis and NBIM first joined forces in 2012, when the two entities formed a $2.4 billion joint venture to acquire a portfolio of distribution facilities in 11 European markets. The venture acquired a stabilized portfolio of 195 properties totaling roughly 49 million square feet.<\/p>\n

Last year, the partnership sold a $1.1 billion industrial portfolio<\/a> owned jointly by both entities to Singapore-based Mapletree Investments. The 16.5 million-square-foot logistics portfolio included properties in Chicago, Dallas and Seattle, as well as in cities within France, Germany, Hungary and Poland.<\/p>\n","protected":false},"excerpt":{"rendered":"

The partnership\u2019s purchase of 19 million square feet of logistics properties in markets across the U.S. follows a string of blockbuster industrial deals.<\/p>\n","protected":false},"author":745,"featured_media":1004362592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[45452,32956],"class_list":["post-1004371571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-norges-bank-investment-management","tag-prologis"],"acf":[],"yoast_head":"\nPrologis, Norges Buy $2B Logistics Portfolio - 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\/prologis-norges-buy-2b-logistics-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis, Norges Buy $2B Logistics Portfolio\" \/>\n<meta property=\"og:description\" content=\"The partnership\u2019s purchase of 19 million square feet of logistics properties in markets across the U.S. follows a string of blockbuster industrial deals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-norges-buy-2b-logistics-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-26T17:51:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-27T15:47:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/logistics-e1574790083699.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-norges-buy-2b-logistics-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-norges-buy-2b-logistics-portfolio\/\",\"name\":\"Prologis, Norges Buy $2B Logistics Portfolio - 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