In 2025, Norges Bank Investment Management entered into an agreement with Blackstone to invest 800 million dollar in Blackstone Americas Logistics, a closed-end fund focused on logistics properties in the US and Canada.
Investing in unlisted real estate through funds gives us access to specific markets or strategies. A real estate fund pools capital from multiple investors into a fund managed by a specialist manager. The manager identifies, acquires, manages and sells properties in accordance with the fund's strategy.
Norges Bank Investment Management's role in this investment process involves the selection of managers and ongoing monitoring of investments. In line with market practice, we pay management fees and performance-based fees. Funds typically use debt financing for acquisitions.
Total fees paid to the external manager in connection with investments through funds in unlisted real estate in 2025 were approximately 5.7 million kroner.
Our indirect ownership interest. Information as at 31 December 2025.
|
Property name |
Country |
Sector |
Fund's ownership |
BAL's ownership |
Fund's ownership in BAL |
|
I-85 Distribution Center |
US |
Industrial |
42.7% |
92.5% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 1 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 2 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 3 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 4 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 5 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 6 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 7 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 8 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 9 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 10 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Wildlife 11 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 1 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 2 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 3 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 4 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 5 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 6 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Layne 7 |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Core35 IA |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Core35 IB |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Core35 II |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Core35 IIIA |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Core35 IIIB |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Channahon |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - South O'Hare |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Crow Industrial Portfolio - Victory |
US |
Industrial |
40.5% |
87.9% |
46.1% |
|
Atl I-285 Logistics Portfolio - 2070 Anvil Block Rd |
US |
Industrial |
42.7% |
92.5% |
46.1% |
|
Atl I-285 Logistics Portfolio - 4300 Hunter Rd |
US |
Industrial |
42.7% |
92.5% |
46.1% |
|
Atl I-285 Logistics Portfolio - 2764 Anvil Block Rd |
US |
Industrial |
42.7% |
92.5% |
46.1% |
|
20600 Clark Graham Ave |
Canada |
Industrial |
42.7% |
92.5% |
46.1% |
|
700 Clayson Rd |
Canada |
Industrial |
42.7% |
92.5% |
46.1% |
|
Our fees |
|
|
Fees as portion of invested capital |
0.16 % |
|
Fees as portion of committed capital |
0.07% |
|
Fund costs as portion of invested capital |
- |
|
Fund costs as portion of committed capital |
- |
|
* Fund costs will be recognized in first half of 2026. |
|
|
Leverage (underlying assets) |
|
|
Loan to value (as at November 2025) |
45% |