Norges Bank Investment Management (NBIM) has acquired Canada Pension Plan Investment Board’s 45% stake in a $3.26bn (€3.17bn) US logistics portfolio, with Goodman Group maintaining its 55% ownership in the portfolio.
The manager of the NOK19.73trn (€1.68trn) Norwegian Government Pension Fund Global said it has paid $1.07bn for 45% of the 1.3m sqm portfolio which has $888m in existing debt.
The US logistics portfolio comprises 48 buildings in southern California, New Jersey and Pennsylvania and five land plots.
Per Løken, the global head of unlisted real estate at NBIM, said: “We are excited about growing our logistics real estate exposure and entering into a partnership with Goodman.
“This investment aligns with our long-term strategy, and we think now is a good time to invest.”
Edward Lerum, the head of global logistics real estate at NBIM, said: “The portfolio exemplifies high-quality buildings in excellent locations.
“We have long-term conviction in the investment, and we also see appealing growth potential, given the restrictions on new supply in these locations.”
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