Norway’s sovereign wealth fund said on Friday it had acquired a 45% stake in a portfolio of logistics properties in the United States from the Canada Pension Plan Investment Board in a new joint venture with Goodman Group for $1.07 billion.
Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, said it valued the portfolio at $3.27 billion, which is encumbered by $888 million of existing debt.
Goodman already owned 55% of the portfolio ahead of the deal and will retain its ownership share.
The transaction comprised 48 buildings in Southern California, New Jersey, and Pennsylvania, the Norwegian fund said.
Reuters
