Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), added $87.7m (€77.2m) worth of US logistics properties to its portfolio in December, the fund’s manager has revealed.

The fund’s property arm, Norges Bank Real Estate Management (NBREM), bought a 45% interest in six logistics properties in Chicago, Nashville and Orlando, alongside its joint venture partner Prologis, said Norges Bank Investment Management (NBIM), which runs the GPFG.

The properties have total space of 2.8m square feet.

The deal was agreed and completed on 21 December 2018, NBIM said, adding that the portfolio was ”unencumbered by debt, and no financing was involved” in the deal.

The sellers, it said, are ventures between Prologis and US pension funds managed by JP Morgan Asset Management.

In July 2018, NBREM announced a pair of deals involving its long-running link up with Prologis.

Back then, the two investors were buying a logistics asset in California, costing Norges $25.4m for a 45% stake, and selling another in Texas — which brought the Norwegian fund $31.0m for its 45% interest in the asset.

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