A $1.17 billion real estate play in Europe hinges on a 70-30 split between a Quebec pension fund and a U.S. logistics giant

A $1.17 billion real estate play in Europe hinges on a 70-30 split between a Quebec pension fund and a U.S. logistics giant. La Caisse, which manages C$517 billion ($374.2 billion) in assets, will own 70% of the new joint venture—Prologis Logistics Investment Venture Europe—while Prologis, the San Francisco-based operator of over 1.3 billion square feet of logistics facilities worldwide, takes a 30% stake and will run day-to-day operations. The partnership is launching with 1 billion euros ($1.17 billion) in initial capital. Its focus is acquiring, developing and operating Class A logistics properties across core European markets, starting with 844,000 square meters of space in France, Germany, the Netherlands and the U.K. The transaction, which requires regulatory approval, is expected to close in the second quarter of the year. This move builds on a prior $880 million joint venture between the two firms in Brazil launched in 2019. La Caisse’s real assets portfolio stands at C$117.4 billion, a segment it is expanding through targeted, operationally driven partnerships. Prologis brings hands-on expertise in logistics real estate, a sector underpinned by sustained demand for warehousing from e-commerce and supply chain reconfiguration. The Quebec-based pension fund provides retirement benefits to public and para-public sector workers in Quebec. Its latest investment positions it to capture long-term value from European industrial real estate through a platform designed for scale and operational control. La Caisse provides retirement benefits to beneficiaries in Quebec.