Norway’s sovereign wealth fund has sold a portfolio of 27 logistics properties in the US via its ongoing partnership with Prologis, while buying a new logistics asset.
Norges Bank Real Estate Management (NBREM), which manages property investment for the NOK8.4trn (€877bn) Government Pension Fund Global (GPFG), said it received $110.1m (€87.9m) for its 45% ownership interest in the 27-asset portfolio, implying the entire portfolio sold for around $245m.
The properties are located in the Chicago area, Florida and New Jersey.
The partnership sold the buildings — which have 3.1m sqft of leasable space — to Blackstone affiliate BRE Alpha Industrial Property Owner.
The sale agreements were signed in October and November last year and completed a month later, Norges Bank said.
It said NBREM had originally acquired these properties back in May 2015 as part of a larger portfolio, with the GPFG paying $2.3bn for its interest in the total portfolio.
Meanwhile, the bank also announced that the NBREM/Prologis partnership has bought a 357,000sqft logistics property in San Franscisco from the company Sanrio.
NBREM paid $29.1m for its 45% stake in the asset, it said, adding that there was no debt financing in the deal.
As part of the partnership, Prologis has acquired the remaining 55% of the asset and will act as asset manager on the property on behalf of the joint venture, Norges Bank said.
This purchase deal was signed on 24 October and completed on 19 December last year.
NBREM has sold several of its logistics assets over the last two years.
In January 2017, the partnership sold logistics properties in the San Francisco Bay area to JLL Income Property Trust, with the GPFG gaining $38.3m for its interest in the assets.