The mammoth joint venture between Prologis and Norwegian wealth fund manager NBIM, sealed in 2012, has emerged as the winner in the logistics category of PropertyEU's Deal of the Decade Awards.
In 2012 Prologis entered into an unprecedented 50/50 joint venture worth €2.4 bn with Norges Bank Investment Management (NBIM), manager of Norway’s state pension fund. Prologis European Logistics Partners Sarl was seeded with a pan-European portfolio of 195 properties, for a total of 4.5 million m2 across 11 countries.
Jury comment
The judges said the deal was impressive because of its timing, still in the shadows of the economic downturn, its complexity, given the cross-border nature of the deal and the number of assets involved, and its speed, as it only took four months to close.
Most importantly, according to the jury, Prologis and NBIM showed great vision: the landmark deal was a turning point for what was then an overlooked sector as it put logistics on the map and attracted a wall of investment money to the sector. As one judge put it: ‘it opened the floodgates’.
The deal was ‘transformational’ for both the buyer or seller, the jury said. ‘For Prologis it provided access to a large capital partner. For NBIM it provided access and volume to the European logistics market.’ The deal was also very innovative and started a wave of partnership deals across the region.
Last but not least, the JV has been successful over time: in mid-2016 the fund had a portfolio of over 240 buildings in 11 countries with a combined value in excess of €4 bn.
1ST RUNNER-UP
In 2014 Blackstone/Logicor acquired the Curve Portfolio from SEB AM (now Savills IM) for €350 mln. It comprised 19 assets over a total 504,000 m2, spread across eight countries in Europe. CBRE acted as advisor to the seller.
The judges said it marked an important moment in European logistics and contributed greatly to the rise of the popularity of the sector among international investors. The success of this enormous platform transaction, despite the complexity of dealing with multiple jurisdictions, encouraged others to bring multi-country portfolios to the market. The deal also marked the entrance of a new big player in the market: Blackstone’s Logicor vehicle, which has since grown into a giant in the sector with some 14 million m2 of assets.
2ND RUNNER-UP
In 2015 AEW Europe acquired Green Mountain Logistics Park at Schiphol Airport from Chipshol BV for €100 mln. Loyens & Loeff were advisors to the buyer and AC Niellsen and Harry van Schie / Lexence acted for the seller.
The judges said AEW showed great ability and determination in securing the deal, coordinating with six different parties all with contrasting agendas, including Schiphol Airport, the air traffic control agency, and the environment and transport department.
Where others had previously failed to gain planning approval to develop the site, AEW was successful in turning the undeveloped plot of land into an exceptional multimodal location in the heart of Schiphol into a flexible Grade-A logistics site offering high security for valuable goods storage and distribution with plenty of parking space for cars and trucks.
