Visionary Joint Venture Wins Prologis PropertyEU’s Deal of the Decade Award for Logistics
Prologis and Norges jointly won PropertyEU’s Deal of the Decade (2006-2016) award in the ‘Logistics’ category for its unprecedented €2.4 billion 50/50 joint venture in 2013. Prologis teamed up with Norges Bank Investment Management (NBIM), a division of the Central Bank of Norway, in creating the joint venture. A panel of 40 judges selected ten winners, one in each of ten categories, for the most innovative, groundbreaking deals in Europe in the last decade. Describing the venture as “visionary,” the judges noted the size, complexity, speed and, above all, impact of the deal. In the wake of the Global Financial Crisis, Prologis and Norges signed an agreement to form a groundbreaking partnership. The newly created Prologis European Logistics Partners (PELP) was seeded with 195 Class-A properties across 11 countries. Despite the complexities that come with such a vast number of properties and cross-border collaboration, the deal closed in just four months.
The deal was widely regarded as a game-changer for the logistics industry—its success inspired a wave of partnership deals across the region. In fact, the deal created a positive ripple effect across the entire industry that has continued up to the present day.
The joint venture has continued to build upon its initial success. Today, it comprises a portfolio of more than 230 properties in 11 countries with a value of more than €4 billion.
The Deal of the Decade Award was presented at PropertyEU’s Gala Awards Dinner in London on April 26, 2017. Ben Bannatyne, president, Prologis Europe, accepted the award on behalf of Prologis and Norges.