The agreement was signed on 21 November 2019, with completion expected in January 2020.
The portfolio consists of 127 properties located across multiple US markets, including Southern California, San Francisco Bay Area, Seattle and Dallas.
Under the terms of the agreement, Norges Bank Investment Management will acquire its 45 percent interest for approximately 896 million dollars, valuing the portfolio at 1.99 billion dollars. No financing will be involved to fund the transaction.
Prologis will acquire the remaining 55 percent interest and will manage the properties on behalf of the joint venture
The acquisition is a subset of Prologis Inc’s definitive merger agreement to acquire Industrial Property Trust, Inc.
Thomas Sevang, Head of Communications and External Relations, Norges Bank Investment Management
Tel: +47 926 01 756 / +47 24 07 32 76
Marthe Skaar, Manager Communications and External Relations, Norges Bank Investment Management
Tel: +47 926 17 663 / +47 24 07 35 61