Norway’s sovereign wealth fund has announced two logistics property deals – a UK purchase and a US sale – as part of its long-term joint venture with Prologis.
The Government Pension Fund Global (GPFG) has gained a 50% share in a logistics property in the west London suburb of Greenford, while selling a 45% interest in two properties in Savannah, Georgia in the US, Norges Bank Investment Management (NBIM) announced.
NBIM, which manages the now NOK9.9tn (€974bn) GFPG, said the purchase of the stake in the Greenford property – which was signed on 18 July and completed on 21 August – cost £35.1m (€40.8m), and that no financing was involved and the property unencumbered by debt.
Prologis bought the remaining 50% interest in the property, which has total leasable logistics space of 20,519sqm, and will perform the asset management on the property on behalf of the joint venture.
The seller of the Greenford property is RM Coleview 1.
Meanwhile, NBIM also said its partnership with Prologis sold two properties in Savannah, Georgia to Ares Management, signing the deal on 1 August and completing on 10 September .
NBIM gained $31.5m (€28.2m) from the sale of its 45% interest, it said, adding that the properties had been acquired as part of a larger portfolio back in May 2015.
The two US logistics properties have 1,035,676sqft of leasable logistics space in total.
According to NBIM’s website, the GPFG has around NOK241bn of investments in conjunction with its 50/50 partnership with Prologis.
In April, it announced a deal under which it invested €119m in seven logistics properties in the US, Spain and the Netherlands, via the joint venture.