Prologis and Norway’s Sovereign Wealth Fund Acquire KTR Capital for $5.9 Billion
Norges Bank Investment Management (NBIM), manager of Norway’s Government Pension Fund Global (GPFG), signed an agreement to purchase a 45% stake for US$ 2.3 billion in a 60 million square feet industrial portfolio with additional development potential in a joint venture with Prologis. The transaction values the portfolio at US$ 5.9 billion. The joint venture, Prologis U.S. Logistics Venture(owned 55% Prologis, 45% NBIM), is acquiring the portfolio from New York-based KTR Capital. Other potential buyers were Brookfield Asset Management and the Blackstone Group. The portfolio has US$ 700 million of secured mortgage debt. In addition, the transaction includes the issuance of up to US$ 230 million of common limited partnership units in Prologis L.P. to KTR Capital. Prologis is owning the other 55% of the portfolio and will be the asset manager of the portfolio. The deal was signed on April 17, 2015. It is expected to close between 30 to 60 days.
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