Norway, Prologis Launch $3B Industrial Property Fund

Law360, New York (December 20, 2012, 5:48 PM EST) -- Norway's sovereign wealth fund and real estate investor Prologis Inc. on Thursday announced a €2.4 billion ($3.1 billion) joint venture to buy and manage industrial properties across Europe, a deal that gives Prologis a deep-pocketed new investor and expands Norges Bank's growing property portfolio.

The venture, Prologis European Logistics Partners, is a 50-50 split between Norges Bank Investment Management, which manages the Norway's public pension plan, and Prologis, which have both kicked in €1.2 billion in equity. The fund will aim to keep debt as less...
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