Prologis, Inc. announced the closing of Prologis U.S. Logistics Venture (USLV), a $1 billion joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global.
The venture acquired a 12.8 million ft² (approx. 1,11 million m²) stabilized portfolio comprising 66 logistics facilities formerly owned by Prologis.
"The extension of our partnership with Norges Bank speaks to our shared long-term investment perspective," said Eugene F. Reilly, chief executive officer, Prologis Americas. "This venture underscores the strength of the U.S. industrial market and the investment potential of our high-quality portfolio."
The venture may grow through acquiring strategic portfolios in target markets and, where appropriate, properties that complement the existing asset base.