The San Francisco-based warehouse giant Prologis Inc. today announced it is forming a $1 billion joint venture for its U.S. logistics properties — including its Central Pennsylvania warehouses — with Norges Bank Investment Management, a Norwegian pension fund manager.
Prologis will own 55 percent of the joint venture, Prologis U.S. Logistics Venture, that will manage 12.8 million square feet of buildings across the U.S., according to the company.
Of the 66 properties in the joint venture, 15 of them are in Pennsylvania, Atle Erlingsson, Prologis' vice president of corporate communications, said this morning in an email. The properties include those in the Bethlehem, Carlisle, Chambersburg and Harrisburg areas, he said.
The company said in a news release the joint venture will help it reach long-term goals of investing in high-quality industrial properties.
Prologis is one of the largest owners of warehousing properties in the midstate and the world with about 562 million square feet in 21 countries. The company trades its shares on the New York Stock Exchange under the ticker symbol PLD.