Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), has revealed a pair of US logistics deals recently completed via its partnership with the manager Prologis, involving a $25.4m (€21.9m) purchase and a $31.0m sale.
The partnership between the NOK8.5trn (€900bn) fund’s property management arm Norges Bank Real Estate Management (NBREM) and Prologis has bought a 307,781sqft logistics property in Orange County, California from Barings.
NBREM paid $25.4m for a 45% ownership interest in the asset. Majority owner Prologis will manage the asset on behalf of the joint venture.
Meanwhile, the partnership sold a logistics property in Dallas, Texas to Kohler Co.
The sale gave NBREM $31.0m for its 45% interest in the property, which has 1.3m square foot of leasable space.
Norges Bank said it bought the asset back in May 2015 as part of a bigger US portfolio.
In January this year, the SWF sold a portfolio of 27 logistics properties in the US via its Prologis joint venture.
