Ares and Norges Bank Investment Management Form €1.5 Billion European Logistics Partnership

Norges Bank Investment Management has formed a European logistics partnership with Ares, committing €1.5 billion in equity and taking a 96% ownership stake in the venture. The agreement was signed Oct. 20, 2026, and announced the following day.

The partnership will invest in logistics warehouse facilities located near major European consumer centers. Ares' integrated logistics operating platform, Marq Logistics, will source, develop and manage the assets. Investments will be predominantly in Western and Southern Europe, including the United Kingdom.

Deal Structure and Terms

The venture is an equity joint venture between Norges Bank Investment Management and Ares Real Estate. It is the first collaboration between the two firms. Ares separately described the venture as having up to €1.5 billion of investment capacity and said it would focus on assets supporting supply-chain, distribution and e-commerce demand.

The partnership will target both standing assets and development opportunities, a mix that pairs stabilized, income-producing warehouses with newly built stock. Development carries exposure to permitting, labor and materials costs, lease-up risk and changes in market yields.

Norges Bank Investment Management's Logistics Exposure

Norges Bank Investment Management currently owns about €11.5 billion of logistics properties across Europe and North America. The fund said the new partnership will provide further investment opportunities and exposure alongside Ares.

"Ares is an experienced investor and developer with a strong presence in Europe's major logistics markets, and has a good track record of creating value for its investment partners. This partnership gives us access to both standing assets and development opportunities, and we look forward to building a long-lasting partnership," said Alex Knapp, Global Head of Real Estate at Norges Bank Investment Management.

Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted, or direct, investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.

Ares' Marq Logistics Platform

Marq Logistics manages more than 2,250 properties totaling over 655 million square feet globally. Those figures describe the platform's overall managed portfolio rather than assets contributed to the new venture. The platform's sourcing, development and property-management capabilities give the partnership an established operating infrastructure in Europe.

Market Context

Logistics real estate located near large population centers continues to draw institutional capital, supported by demand for regional distribution, e-commerce fulfillment and supply-chain resilience. Investors in the sector must compete for well-located land, manage development pipelines and secure modern facilities that meet tenant requirements for building height, loading, yard depth, energy efficiency and transport access. Investment returns remain exposed to tenant demand, construction costs, financing conditions and the repricing of industrial assets.

The arrangement also reflects a broader pattern in which large transactions are increasingly executed through programmatic partnerships rather than one-off acquisitions.

Outlook

The transaction is a capital-formation and platform-expansion deal rather than a property sale. The venture's first acquisitions, target markets, development pipeline and investment pace will be the next points of interest for the market as Ares and Norges Bank Investment Management begin deploying capital.

Sources

• Norges Bank Investment Management: Fund forms new logistics partnership in Europe