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Strategic Resilience: How Prologis’ Global Funds are Leading the Charge into 2025

Summary

$2.8 billion deployed in a year of global uncertainty. While others hesitated, Prologis acted—driving growth, strengthening portfolios and positioning for an even stronger 2025. From milestone anniversaries to strategic acquisitions and climate resilience, our funds didn’t just weather the storm; they thrived. Here’s a look at how our U.S. Logistics Fund (USLF) and Prologis European Logistics Fund (PELF) not only navigated challenges but excelled —setting the stage for accelerated growth in 2025.

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Building on Two Decades of Success: The U.S. Logistics Fund

In addition to celebrating its 20th anniversary year, USLF closed 2024 on a high note, deploying over $2 billion in capital and reinforcing its position as a market leader. Since its inception, the fund has grown into a $25.9 billion portfolio spanning more than 133 million square feet across 28 markets. Over the past two years, it has provided over $3.0 billion in investor liquidity. Investors are at the heart of USLF’s achievements, which reflect our commitment to delivering lasting value.

2024 Highlights for USLF:

  • Strategic Investments: USLF recently acquired 23 stabilized properties totaling 5.5 million square feet in logistics hubs like Atlanta, Dallas, Miami and Phoenix. These markets are at the core of the supply chain, making them invaluable to our portfolio.
  • Investor Confidence: With zero redemption requests outstanding, the fund’s investor-first approach and financial stability is evident.  
  • Innovation in Action: Prologis is focused on delivering innovative projects that enhance the portfolio’s value and provide investors with sustainable, future-proofed assets, while also taking advantage of higher-and-better use opportunities to deliver outsized returns – of which the completion of the Elk Grove data center is a great example.  
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Strength in Europe: The Prologis European Logistics Fund

Across the Atlantic, our pan-European open-end vehicle, PELF, has expanded its portfolio to $22.5 billion, covering over 169M square feet across 12 countries. In 2024, the Fund deployed nearly $800 million in capital and achieved critical milestones. This underscores the resilience of PELF’s portfolio and its ability to navigate market fluctuations while prioritizing investor satisfaction.

2024 Highlights for PELF:

  • Expanding the Portfolio: The Fund added 21 stabilized assets across nine key European countries, including Germany, France, Netherlands, the Czech Republic and the UK, totaling nearly 5 million square feet.
  • Climate Resilience: A recent analysis of PELF’s Operating Portfolio looked at the potential climate risks and identified strategies to mitigate them. This analysis positions the portfolio to adapt to long-term environmental challenges and align with Prologis’ Net Zero Strategy.  
  • Financial Strength: Like USLF, PELF fulfilled 100% of redemption requests, demonstrating its financial flexibility and our commitment to strong investor relationships.
  • Access to Debt and Equity Capital: PELF raised over $500 million in fresh equity and issued two Green Eurobonds totaling more than $1.1 billion. 

What’s Next: Preparing for 2025 and Beyond

While USLF and PELF operate on different continents, they share a common vision: delivering exceptional value to investors, supporting customers’ operational needs and driving innovation across the logistics real estate sector. Their successes are proof that our strategy and customer-centric mindset deliver results—regardless of geography or market conditions.

USLF and PELF are entering the new year from a position of strength. With significant “dry powder”—capital ready to be deployed—they are poised to take advantage of key opportunities in the evolving logistics landscape. 

Karsten Kallevig

Karsten Kallevig

Position
Managing Director, Global Strategic Capital

Karsten Kallevig heads Prologis’ Strategic Capital business, including spearheading fund development and structuring, fund management and capital raising. He joined Prologis in 2021 after 11 years with Norges Bank Investment Management in Oslo. Karsten also served for more than two years in the Norwegian Armed Forces, leaving as a 2nd Lieutenant. He holds a bachelor’s degree in Materials Science and Engineering from Massachusetts Institute of Technology.

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