Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global, has acquired a 45 per cent interest in a US logistics portfolio, in a new joint venture with Goodman Group.

The portfolio is comprised of 48 buildings in Southern California, New Jersey, and Pennsylvania.

The agreement was signed on 20 December 2024 and the transaction was completed on 1 January 2025.

NBIM paid USD 1,070m for its 45 per cent ownership interest, valuing the portfolio at USD 3,265m, which is encumbered by USD 888m of existing debt.

The seller is the Canada Pension Plan Investment Board (CPP Investments).

Goodman Group already owned 55 per cent of the portfolio and will retain its ownership share, as well as perform the asset management on behalf of the joint venture.

Commenting on the acquisition, NBIM global head of unlisted real estate, Per Løken, said: “We are excited about growing our logistics real estate exposure and entering into a partnership with Goodman.

"This investment aligns with our long-term strategy, and we think now is a good time to invest."

Adding to this, NBIM head of global logistics real estate, Edward Lerum, said the portfolio exemplified “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,” he added.

The portfolio has a total leasable area of 1.3m square meters and comprises 48 buildings and five land plots.

This is NBIM's third acquisition in December 2024, the others included the acquisition of an 80 per cent interest in a Paris office property and the acquisition of an additional 50.1 per cent in USA office properties.

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