A joint venture between Norges Bank Investment Management (NBIM) and Prologis has acquired 11 logistics properties in Germany, located in Berlin and the Rhine-Ruhr area.
Norway’s sovereign wealth fund Norges Bank Investment Management said it has paid €108 million for its 47 percent ownership interest. ”The properties are unencumbered by debt, and no financing was involved in the transaction.”
The properties have a total leasable area of 548 000 square meters.
Prologis will own the remaining 53 percent interest and will perform the asset management of the properties on behalf of the joint venture.
Norges Bank Investment Management, Prologis partnership disposes US logistics properties
Norges Bank Investment Management (NBIM) and Prologis have sold 28 logistics properties in the United States, the company also said in a statement.
The partnership has sold a 1 million square feet logistics property, located in Jeffersonville, Southern Indiana, to a fund managed by Hines.
Norges Bank Investment Management received US$45 million for its 45 percent ownership interest in the property. The property was acquired as part of a larger portfolio transaction in 2015.
The joint venture has also sold 27 logistics properties located across multiple US markets, including Memphis, Louisville, Seattle, Baltimore/DC and South Florida, to a fund managed by Ares Management.
Norges Bank Investment Management received US$206 million for its 45 percent ownership interest in the properties. The properties were acquired as part of a larger portfolio transaction in January 2020.
The buildings have a total leasable area of 5.1 million square feet.
