Norway’s Government Pension Fund Global has acquired a $6 billion portfolio of industrial properties and land in the United States, according to Investments & Pensions Europe.
From IP Real Estate:
Prologis and Norway’s sovereign wealth fund have bought a massive industrial real estate portfolio by acquiring KTR Capital Partners for $5.9bn (€5.49bn).
The deal is part of an existing joint venture between Prologis and Norges Bank Investment Management, manager of the NOK6.94trn (€824bn) Government Pension Fund Global, to invest in US logistics property.
Prologis US Logistics Venture, 45% owned by the sovereign wealth fund, is taking over 332 properties held in three KTR co-investment funds, Prologis said.
The portfolio spans 60 million sqft of existing industrial space, 3.6 million sqft of space occupied by development projects and 6.8 million sqft of land.
The $5.9bn transaction includes the assumption of approximately $700m of secured mortgage debt, according to Prologis, and the issuance of up to $230m of common limited partnership units in Prologis LP to KTR.
The Government Pension Fund Global manages approximately $880 billion in assets.
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