Norges Bank Investment Management will commit $800 million to a fund from Blackstone Americas Logistics, the Norwegian sovereign wealth fund announced Thursday.
Blackstone’s Core-Plus North America logistics closed-end fund will invest primarily in logistics warehouses across the U.S. and Canada, primarily in regions with large population centers.
NBIM, which manages $1.8 trillion in assets, currently owns approximately 138 billion kroner ($13.237 billion) in logistics properties across the U.S. and Europe.
“We are excited about entering into a partnership with Blackstone,” said Per Løken, NBIM’s global co-head of unlisted real estate, in a statement. “This opportunity allows us to increase our exposure to the U.S. and Canadian logistics markets and grow our knowledge and experience alongside Blackstone.”
In January, the fund purchased a $1 billon stake in a logistics portfolio from the Canada Pension Plan Investment Board, and in December 2024, it purchased a European logistics portfolio from Prologis for 166 million euros ($185 million).
NBIM allocates 71.4% of its portfolio to equities, 26.6% to fixed income, 1.8% to real estate and 0.1% to a portfolio of renewable energy infrastructure assets.
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Tags: Blackstone, Norges Bank Investment Management, Real Assets