Norges Bank Investment Management (NBIM) has committed €1.5bn to take a 96% stake in a newly established European logistics partnership alongside Ares Real Estate.
The joint venture, which marks the first collaboration between Norway’s sovereign wealth fund manager and Ares, will invest in, develop and operate logistics assets across Western and Southern Europe, including the UK.
NBIM currently holds an €11.5bn logistics portfolio across Europe and North America.
Alex Knapp, global head of real estate at Norges Bank Investment Management, said: “Ares is an experienced investor and developer with a strong presence in Europe’s major logistics markets, and has a good track record of creating value for its investment partners.
“This partnership gives us access to both standing assets and development opportunities, and we look forward to building a long-lasting partnership.”
Julie Solomon, partner and head of Ares Real Estate, said: “We are proud to establish this partnership with NBIM, one of the world’s leading institutional investors.
“Their commitment reflects our shared conviction in the scale of the European logistics market opportunity and the strength of our platform. We value the trust they have placed in Ares and look forward to building a strong and enduring relationship together.”
Ares’ global operating platform, Marq Logistics, will source, develop and manage the portfolio.
Daan van den Hoven, partner and head of European logistics at Ares, said: “This milestone is a testament to the strength of our leading real estate platform as well as the capabilities of Marq Logistics, which will enhance our ability to deliver a quality portfolio.
“Demand for modern, well-located logistics facilities continues to be supported by powerful structural trends, and we believe we can capitalise on compelling opportunities through thoughtful asset selection and management.”
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