Norway's wealth fund invests $1.07B in US logistics - Breaking The News

Norway's wealth fund invests $1.07B in US logistics

3 January

1 min read

EPA-EFE/OLE BERG-RUSTEN

Norges Bank Investment Management (NBIM) announced on Friday that it acquired 45% interest in the United States logistics portfolio in a transaction valued at $1.07 billion.

According to the agreement signed on December 20, 2024, and completed on January 1, Norges Bank's fund management division entered a joint venture with the Goodman Group, which already owned 55% of the US logistics portfolio. The portfolio comprises 48 buildings and five land plots in Southern California, New Jersey, and Pennsylvania, along with 1.3 million square meters of total leasable area, and it was sold by the Canada Pension Plan Investment Board (CPP Investments).

"The portfolio exemplifies high-quality buildings in excellent locations. We have long-term conviction in the investment, and we also see appealing growth potential, given the restrictions on new supply in these locations," NBIM's Head of Global Logistics Real Estate Edward Lerum said.

fund logistics us-norway relations norges bank

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