The fund will acquire its 45 percent interest in the assets for $450 million, valuing the entire portfolio at approximately $1 billion (6.13 billion kroner). Prologis, the seller, retained a 55 percent interest in the properties and will manage the portfolio on behalf of the partnership. The agreement to purchase the interest was signed on December 20, and the transaction is expected to close before February 28th, 2014. The portfolio is unencumbered by debt, and no financing will be involved in the closing.

"We are investing in a solid portfolio of logistics assets close to key transportation hubs", says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), the fund's manager.

The 66 properties are located throughout the United States in eight states across nine markets including Southern California, Pennsylvania, the San Francisco Bay Area, New Jersey, Las Vegas, Chicago, Seattle, Atlanta, and Miami.

The partnership also announced the signing of a definitive agreement to form Prologis U.S. Logistics Venture (USLV). Prologis and Norges Bank Investment Management anticipate adding to the initial portfolio over time with further investments in the United States.

"We are very pleased to extend our relationship with Prologis to the US", says Karsten Kallevig.

Press contact:

Thomas Sevang, Head of Communications & External Relations,
tel. +47 9260 1756
Media enquiries: +47 2407 3276 or press@nbim.no

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