Norway's Sovereign Wealth Fund Invests Heavily in US Logistics

Norges Bank Investment Management (NBIM) has made a significant move by acquiring a 45% stake in a United States logistics portfolio for a whopping $1.07 billion. This strategic investment was finalized on January 1, following an agreement signed on December 20, 2024.

In a joint venture with the Goodman Group, which already held a 55% stake in the US logistics portfolio, NBIM's fund management division has taken a bold step towards expanding its global real estate investments. The portfolio, comprising 48 buildings and five land plots located in Southern California, New Jersey, and Pennsylvania, offers a total leasable area of 1.3 million square meters. The assets were previously owned by the Canada Pension Plan Investment Board (CPP Investments).

Edward Lerum, NBIM's Head of Global Logistics Real Estate, expressed his confidence in the investment, stating, "The portfolio exemplifies 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."