Norway’s Wealth Fund Acquires Stake in U.S. Logistics Properties

COPENHAGEN (Reuters) – Norway’s sovereign wealth fund announced on Friday that it has acquired a 45% stake in a portfolio of logistics properties in the United States. This purchase was made from the Canada Pension Plan Investment Board as part of a new joint venture with Goodman Group for $1.07 billion.

Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, stated that it valued the portfolio at $3.27 billion, which comes with $888 million in existing debt.

Goodman Group, prior to this deal, owned 55% of the portfolio and will continue to retain its ownership share.

The transaction encompasses 48 buildings located in Southern California, New Jersey, and Pennsylvania, as reported by the Norwegian fund.