Norges Bank Investment Management (NBIM), the central bank arm which runs Norway’s sovereign wealth fund, has invested £220m (€256m) for a stake in a portfolio of 14 logistics properties in the UK via its partnership with asset manager Prologis.

The manager of the NOK12trn (€1.2trn) Government Pension Fund Global said it has invested the capital for a  50% ownership interest in the 207,000sqm portfolio. Prologis will own the remaining 50% interest and will perform the asset management on the portfolio on behalf of the joint venture.

The portfolio was acquired from Prologis UK Logistics Venture, a joint venture between Prologis and CBRE Investment Management.

The portfolio is free of debt, NBIM said, adding that no financing was involved in the transaction which was completed on 3 December.

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