FUNDRAISING NEWS | January 03, 2025
The Canada Pension Plan (CPP) Investment Board has sold its 45% stake in a US logistics portfolio to Norwegian sovereign wealth fund Norges Bank Investment Management for approximately $1B.
In an agreement signed on December 20 last year and closed on New Year’s Day, Norges Bank IM purchased the ownership interest. The real estate portfolio, made up of 48 buildings and five land plots across Southern California, New Jersey, and Pennsylvania, is valued at $3.2B with $888M of existing debt associated with it.
Norges Bank IM will co-own the portfolio with Goodman Group, which currently holds a 55% stake and is the active manager of the portfolio.
