Norges Bank and Ares form European logistics investment partnership

Norges Bank Investment Management has entered into a strategic partnership with Ares Real Estate to invest in, develop and operate logistics properties across Europe.

The agreement, signed on 20 October 2026, includes a €1.5 billion equity commitment from Norges Bank Investment Management, which will hold a 96% ownership stake in the partnership.

The investment platform will focus on high-quality logistics warehouse facilities, particularly properties located near major European consumer centres.

The partnership will primarily target opportunities in Western and Southern Europe, including the United Kingdom.

Expanding European logistics investments

The agreement will provide Norges Bank Investment Management with access to existing logistics properties and new development opportunities through Ares’ established real estate investment and operating platform.

Ares’ logistics operating business, Marq Logistics, will be responsible for sourcing, developing and managing the properties acquired or developed through the partnership.

Norges Bank Investment Management currently holds approximately €11.5 billion in logistics real estate investments across Europe and North America.

The new arrangement is intended to expand its exposure to the European logistics property market through cooperation with an established regional investment and development partner.

Alex Knapp, Global Head of Real Estate at Norges Bank Investment Management, highlighted Ares’ experience in European logistics markets and its ability to identify both existing properties and development opportunities.

Focus on major distribution markets

The partnership will concentrate on logistics assets serving major consumer markets, where warehouse and distribution infrastructure plays an important role in supporting supply chains.

Its geographical focus will include Western and Southern European countries, as well as the United Kingdom.

Through Marq Logistics, Ares will oversee the identification and management of investment opportunities, including the development of new logistics facilities.

The agreement establishes a long-term investment framework, although the companies have not disclosed specific initial property acquisitions, development locations or an investment deployment timetable.

The €1.5 billion commitment represents equity allocated to the partnership rather than the value of completed property purchases.