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Prologis, Norwegian investment fund announce $1B joint venture

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Prologis Inc. has agreed to form a $1 billion joint venture with a European pension fund, aimed at acquiring dozens of logistics facilities across the U.S., the company announced Monday.l

The San Francisco-based industrial developer, one of New Jersey's largest owners of warehouse and distribution space, said it's partnering with Norges Bank Investment Management, which oversees the Norwegian Government Pension Fund. The venture plans to acquire 66 logistics facilities housing nearly 13 million square feet here, though it's unclear how that plan affects New Jersey.

Prologis executives said recently that they plan to step up speculative development in the Garden State, with hopes of tapping into demand in its red-hot big box industrial market.

The company will hold a 55 percent ownership of the new venture, Prologis said in a news release Monday. The deal is expected to close next month.

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