A European logistics real estate partnership between Norges Bank Investment Management (NBIM) and Prologis has added seven properties worth €332m in total to its portfolio.
NBIM, the manager of the NOK19.91trn (€1.70trn) Norwegian Government Pension Fund Global, said it has paid €166m for its 49.5% ownership interest in the properties located in Germany, Italy, Spain and the UK.
The portfolio is debt-free and the transaction was completed without any financing, NBIM added.
Prologis, the seller of the 201,000sqm portfolio, will retain a 50.5% stake and will continue to manage the assets on behalf of the joint venture.
NBIM entered the European logistics market in 2012 by partnering with Prologis to acquire a 50% stake in a pan-European Prologis portfolio for €1.2bn, becoming the firm’s largest private-capital investor.
Since then, the partnership has expanded through additional deals.
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