The agreement was signed on 20 December 2024 and completed 1 January 2025.
Norges Bank Investment Management paid 1,070 million dollars for its 45 percent ownership interest, valuing the portfolio at 3,265 million dollars, which is encumbered by 888 million dollars of existing debt.
The seller of the portfolio is Canada Pension Plan Investment Board (CPP Investments). Goodman already owned 55 percent of the portfolio and will retain its ownership share. Goodman will also perform the asset management on behalf of the joint venture.
“We are excited about growing our logistics real estate exposure and entering into a partnership with Goodman. This investment aligns with our long-term strategy, and we think now is a good time to invest”, says Per Løken, Global Head of Unlisted Real Estate at Norges Bank Investment Management.
The portfolio has a total leasable area of 1.3 million square meters and comprises 48 buildings and five land plots.
“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”, says Edward Lerum, Head of Global Logistics Real Estate at Norges Bank Investment Management.
