Prologis European Logistics Partners will be structured as a 50 / 50 joint venture with an equity commitment of €2.4 billion ( $3.1 billion ), which includes a €1.2 billion ( $1.55 billion ) co-investment by both NBIM and Prologis. The leverage ratio is initially expected to be less than 15 percent of the aggregate gross value of the venture's assets, which will be repaid upon maturity, enabling the venture to operate on an all-equity basis. Upon closing, the venture will acquire a stabilized portfolio of 195 properties totaling approximately 49 million square feet (4.5 million square meters); about 75 percent of the properties coming from the former ProLogis European Properties (PEPR) fund and the remaining 25 percent coming from other Prologis wholly owned assets. The venture may grow through acquiring strategic portfolios in target markets and, where appropriate, properties that complement the existing asset base.