Norges Bank Investment Management is investing $800m (€713m) in core-plus logistics in North America through a Blackstone fund.
The manager of the NOK19.1trn (€1.6trn) Norwegian Government Pension Fund Global said it has committed the capital to the closed-ended Blackstone Americas Logistics (BAL) fund.
BAL will invest in logistics warehouse properties located in large population centres in the US and Canada.
Ed Lerum, the head of global logistics real estate at NBIM, said: “We’ve had productive dialogue with Blackstone for a long time. Blackstone is a highly experienced real estate investor with a strong reputation. They have a compelling track record of responsibly creating value for their investment partners.”
Per Løken, global co-head of unlisted real estate at NBIM, said: “We are excited about entering into a partnership with Blackstone. This opportunity allows us to increase our exposure to the US and Canadian logistics markets and grow our knowledge and experience alongside Blackstone.”
As reported earlier this year, Blackstone disclosed in its fourth quarter results that it had at the time raised $403m for BAL.
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