SAN FRANCISCO—Prologis, Inc. says it has joined in the formation of Prologis European Logistics Partners Sarl (PELP), a $3.1 billion (EUR2.4 billion) joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global.
The venture has acquired a stabilized portfolio of 49 million square feet (4.5 million square meters) comprising 195 Class-A logistics facilities wholly owned by Prologis. PELP is structured as a 50 / 50 partnership with an equity commitment of $3.1 billion (EUR 2.4 billion), which includes a $1.55 billion (EUR1.2 billion) co-investment by both NBIM and Prologis.
"Our partnership with Norges Bank is built upon a mutual, long-term investment perspective which is measured in decades," said Hamid R. Moghadam, chairman and CEO, Prologis. "This venture underscores the strengthening of Europe's industrial real estate market and the investment potential of our high-quality portfolio."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
