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Norway sovereign wealth fund makes $1.07 billion US real estate transaction

by January 3, 2025
written by January 3, 2025

COPENHAGEN (Reuters) -Norway’s sovereign wealth fund said on Friday it had acquired a 45% stake in a portfolio of logistics properties in the United States from the Canada Pension Plan Investment Board in a new joint venture with Goodman Group for $1.07 billion.

Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, said it valued the portfolio at $3.27 billion, which is encumbered by $888 million of existing debt.

Goodman already owned 55% of the portfolio ahead of the deal and will retain its ownership share.

The transaction comprised 48 buildings in Southern California, New Jersey, and Pennsylvania, the Norwegian fund said.

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