Prologis, Norges buy US logistics portfolio for $2bn

Prologis and Norges Bank Investment Management acquired a US logistics portfolio for $1.99bn. The 19 million sq ft portfolio includes 127 properties in Southern California, the San Francisco Bay Area, Seattle and Dallas. Prologis and NBIM formed a $2.4bn joint venture in 2012 to purchase a portfolio of distribution facilities situated in 11 European countries. Last year, they sold a $1.1bn industrial portfolio to Mapletree Investments. This 16.5 million sq ft portfolio included properties in Hungary, Poland, Germany, France as well as Chicago, Seattle and Dallas. Norges Bank Investment Management is the real estate arm of Norway’s sovereign wealth fund.