Norges Bank Investment Management (NBIM), which runs the NOK5.5trn (€673m) Government Pension Fund Global (GPFG), has bought half of a portfolio of Spanish logistics properties through its European joint venture with international industrial property provider Prologis.

The 50-50 joint venture — Prologis European Logistics Partners (PELP) — has acquired a portfolio of 152,029sqm of logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos.

The portfolio includes eight buildings two plots of land totalling 14.9 hectares.

NBIM did not disclose the value of the latest deal, but said it had now paid a total of €242m for its 50% stake across four transactions via the joint venture, which began in 2013.

Philip Dunne, president of Prologis Europe, said: “This acquisition is a unique opportunity to purchase high-quality assets that complement PELP’s existing portfolio.”

Demand for logistics infrastructure in Spain was on the rise and construction of new facilities at a historic low, he said. The portfolio had been bought at a discount to replacement costs, he added.

Including the new deal, the PELP portfolio now includes 230 logistics facilities in Europe with 5.3m square meters of space, Prologis said.

A year ago, the joint venture acquired a 12,600sq2 distribution facility in Tongeren, Belgium.