A
Norwegian sovereign wealth fund has acquired a significant stake in 40 logistics warehouses across Southern California, marking one of the largest industrial property deals in recent history. Norges Bank Investment Management paid $1.07 billion for a 45% interest in the portfolio from Canada Pension Plan Investment Board, which had traded the minority stake to Goodman Group. The deal values the entire portfolio at $3.23 billion, with existing debt totaling $888 million.

    The warehouses are concentrated in Los Angeles County, Orange County, and the Inland Empire, with notable properties including the 3.2 million-square-foot Goodman Commerce Center Eastvale and several Goodman Logistics Centers. Edward Lerum, head of global logistics for Norges Bank, cited the portfolio's high-quality buildings and excellent locations as key factors in the investment decision.

    The purchase comes on the heels of a similar deal last year, where Los Angeles-based Rexford Industrial Realty acquired 48 industrial properties across L.A. and Orange counties from Blackstone for $1 billion. Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, one of the world's largest investors with stakes in over 9,000 companies worldwide.