San Francisco, — Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced the signing of a definitive agreement to form Prologis U.S. Logistics Venture (USLV). Prologis’ partner is Norges Bank Investment Management (NBIM), which is the manager of the Norwegian Government Pension Fund Global. USLV will be structured as a 55/45 venture with 55 percent owned by Prologis and 45 percent by NBIM.
“Following our joint venture in Europe earlier this year, we are pleased to extend our relationship with NBIM into the U.S.,” said James W. Green, managing director, Global Client Relations, Prologis.
Upon closing, the venture will acquire a $1 billion stabilized portfolio of 66 logistics facilities totaling approximately 12.8 million square feet across the U.S. The portfolio will comprise a portion of assets from Prologis’ former North American Industrial Fund III and Prologis Institutional Alliance Fund II. The venture is expected to close inJanuary 2014.
“The formation of this venture is consistent with our joint long-term focus of investing in high-quality assets in key global markets,” said Eugene F. Reilly, chief executive officer, Prologis Americas. “USLV is expected to grow in the future, including through acquiring strategic portfolios and, where appropriate, properties that complement the existing asset base.”
Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of September 30, 2013, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 562 million square feet (52.2 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.