Norway’s sovereign wealth fund has been revealed as one of the sellers of a pair of US industrial assets KKR said it bought at the end of June for a core-plus real estate fund.
Norges Bank Investment Management (NBIM), which manages the NOK10.1trn (€957bn) Government Pension Fund Global, announced late yesterday its joint venture with Prologis had sold two logistics properties located in Kenosha, Wisconsin to KKR, and that it had received $79.2m (€68.4m) for its 45% ownership interest in the assets.
NBIM said: “The properties were acquired in May 2015 as part of a larger portfolio across the US.”
The Norwegian investor said the agreement had completed on 30 June, and the properties had a total leasable area of 1.5m sqft.
In KKR’s announcement of two investment deals at the beginning of July, it described one of the properties as being located in Chicago - a geographical area which includes Kenosha in some definitions.
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