La Caisse, Prologis Forge €1B Venture to Dominate European Logistics

MONTRÉAL and SAN FRANCISCO – April 09, 2026 – Global investment group La Caisse and logistics real estate giant Prologis announced today the formation of a formidable new pan-European joint venture, a strategic move poised to reshape the continent's high-demand logistics landscape. The new entity, Prologis Logistics Investment Venture Europe (PLIVE), will launch with a seed portfolio valued at approximately EUR 1 billion (CAD 1.6 billion).

Under the terms of the agreement, La Caisse will hold a majority 70% interest, with Prologis holding the remaining 30%. Prologis, a world leader in logistics real estate, will also serve as the operating partner, lending its extensive asset management and development expertise to the venture. The initial portfolio provides immediate and significant scale, comprising approximately 844,000 square metres of modern, Class A logistics properties and development sites across the critical European markets of France, Germany, the Netherlands, Sweden, and the United Kingdom.

A Strategic Power Play in a Red-Hot Market

The timing of the PLIVE venture is no coincidence. It represents a calculated move to capitalize on powerful secular trends that have made logistics the most sought-after real estate sector in Europe. The continent's logistics market, projected to grow by over $48 billion by 2029, is being fundamentally transformed by the relentless expansion of e-commerce, which requires nearly three times the warehouse space of traditional retail.

Furthermore, recent geopolitical and economic volatility has accelerated the push for supply chain resilience, spurring a wave of "nearshoring" and "reshoring" as companies move manufacturing and distribution closer to their end consumers. This shift, combined with a persistent "flight to quality" among tenants, has created intense demand for the very type of modern, high-specification logistics facilities that PLIVE will target. In the first half of 2024 alone, logistics assets accounted for 22% of all European real estate investment volume, the highest share of any asset class.

Despite a recent moderation from the double-digit rental growth seen in previous years, the market fundamentals remain exceptionally strong. With developers proceeding cautiously on new speculative projects, the supply of new, high-quality space is expected to remain tight, supporting resilient rental growth and low vacancy rates in core locations. The venture's focus on Class A assets, which offer superior efficiency and ESG credentials, positions it perfectly to meet the evolving demands of modern occupiers.

Building on a Proven Partnership

This European venture is not the first collaboration between the two powerhouses. It builds upon a successful partnership established in 2019, when La Caisse and Prologis formed a joint venture to invest in the Brazilian logistics market. The success of that venture, which has grown to over $1 billion in assets, provided a strong foundation of trust and a proven model for value creation.

"We have seen Prologis' best-in-class capabilities to drive returns firsthand through our partnership in Brazil, and we are building on our combined strengths to create a truly consolidated pan-European platform," said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. "This joint venture brings together Prologis' deep hands-on operational expertise and our vision to actively transform assets to enhance long-term value. Together, we will gain greater exposure to the European logistics sector, strengthen execution, and maximize the performance and scale of our logistics portfolio."

For La Caisse, a global investment group managing over CAD 517 billion in assets, the venture aligns perfectly with its long-term strategy of diversifying its portfolio through strategic partnerships in resilient, high-growth sectors. The PLIVE platform effectively consolidates a significant portion of the group's European logistics holdings, creating a more focused and powerful vehicle for future growth.

"Our partnership with La Caisse is built on years of working together and delivering results," added Ted Eliopoulos, Managing Director of Strategic Capital at Prologis. "Together, we're expanding that success in Europe—combining long-term capital with our operating platform to scale high-quality logistics assets across key markets."

Forging the Future of European Commerce

The creation of PLIVE is more than a financial transaction; it represents a major investment in the physical infrastructure that underpins Europe's evolving economy. By channeling significant capital into acquiring and developing state-of-the-art logistics facilities, the venture will directly support the backbone of modern commerce, enabling faster e-commerce delivery and more agile, resilient supply chains.

Prologis already boasts a dominant presence on the continent, managing a portfolio of over 23 million square metres as of mid-2025 with consistently high occupancy rates above 95%. The company has been aggressively expanding its footprint, recently acquiring significant portfolios in Germany and announcing major new development and data center projects in France. PLIVE will leverage this immense operational platform, tapping into Prologis's sourcing, development, and property management capabilities while major strategic and financial decisions are made jointly.

The venture is set to intensify competition in an already crowded field of institutional investors, including major players like Blackstone and GLP, who are all vying for prime logistics assets. However, the combination of La Caisse’s long-term capital and Prologis’s unparalleled operational expertise gives PLIVE a distinct competitive advantage.

The partners plan to aggressively but disciplinedly expand the platform through new acquisitions and development projects in Europe's most vital logistics corridors. The transaction, which remains subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026, marking a new chapter in the evolution of European logistics.