SAN FRANCISCO (August 25, 2021) – Karsten Kallevig will join Prologis, Inc. (NYSE: PLD) as managing director, Global Strategic Capital, on October 1. In this role, Kallevig will oversee the company’s Strategic Capital business, which includes ten co-investment ventures in the U.S., Latin America, Europe and Asia. Under Kallevig’s leadership, Prologis, the global leader in logistics real estate, will look to further expand its Strategic Capital business through the growth of real estate holdings and private investment relationships.
Kallevig will report to Prologis chairman and CEO Hamid Moghadam. Previously, the Strategic Capital team reported to Gary Anderson, the company’s chief operating officer. As Anderson’s areas of responsibility demand more time, such as the company’s fast-growing Essentials business (which provides customers with access to products and services by taking advantage of Prologis’ scale), it made sense to create a new position focused exclusively on Strategic Capital.
Kallevig joined the real estate program at Norges Bank Investment Management (NBIM) at its inception in 2010 and built the team and a USD $30 billion real estate portfolio in the decade that followed. NBIM manages the 12.2 trillion Norwegian kroner (USD $1.4 trillion) Government Pension Fund Global, which is the world’s largest sovereign wealth fund.
“We’re delighted to have Karsten join the company. He knows the real estate and private investment business like few people I know,” said Moghadam. “We believe our Strategic Capital business has great potential for even more growth as we continue to acquire and develop properties in the world’s strongest centers of commerce.”
Kallevig served as NBIM’s chief investment officer for real estate and as CEO of Norges Bank Real Estate Management (NBREM). Most recently, he was special advisor to the CEO of NBIM. Kallevig previously held leadership roles with Grove International Partners and Soros Fund Management in Tokyo and London.
“Prologis has an extremely robust Strategic Capital business and is known for being a strong and forward-looking partner for private investors,” said Kallevig. “I look forward to helping the company continue to strengthen and grow its private investment business. The future is bright for investors who are interested in logistics real estate.”
About Prologis Strategic Capital
Prologis’ Strategic Capital business is an integral line of business for the company, with $82.7 billion* in assets under management. The company’s Strategic Capital business consistently demonstrates strong and sustained revenue growth.
Prologis’ Strategic Capital business offers institutional investors a unique opportunity to invest with the company. Benefitting from the scale and scope of the Prologis platform, each of the company’s ten ventures focus on delivering industry-leading, risk-adjusted returns along with a superior investor experience. Prologis’ investment funds have specific geographic and risk profiles, and they target logistics real estate in high-consumption and high-barrier-to-entry markets.
Prologis is a material investor in all its Strategic Capital funds, with co-investment levels ranging from 15 percent to 55 percent. As a general partner, the company provides investors security through its durable A-rated balance sheet, best-in-class global portfolio and customer-centric focus.
*Data as of June 30, 2021. AUM is the fair value of real estate properties and development projects in the Strategic Capital business and includes our estimate of the gross value of real estate that could be acquired using existing equity commitments from Prologis and our partners assuming target leverage levels are used. Assets Under Management: Representing 48% of Prologis’ total AUM.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 995 million square feet (92 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.