​Norway’s oil fund buys into six US logistics properties via Prologis JV

Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), added $87.7m (€77.2m) worth of US logistics properties to its portfolio in December, the fund’s manager has revealed.

The fund’s property arm, Norges Bank Real Estate Management (NBREM), bought a 45% interest in six logistics properties in Chicago, Nashville and Orlando, alongside its joint venture partner Prologis, said Norges Bank Investment Management (NBIM), which runs the GPFG.

The properties have total space of 2.8m square feet.

The deal was agreed and completed on 21 December 2018, NBIM said, adding that the portfolio was ”unencumbered by debt, and no financing was involved” in the deal.

The sellers, it said, are ventures between Prologis and US pension funds managed by JP Morgan Asset Management.

In July 2018, NBREM announced a pair of deals involving its long-running link up with Prologis.

Back then, the two investors were buying a logistics asset in California, costing Norges $25.4m for a 45% stake, and selling another in Texas — which brought the Norwegian fund $31.0m for its 45% interest in the asset.

Related images

  • Warehouse Logistics

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now