​Norwegian SWF buys up €119m of logistics assets in Prologis JV

Norway’s sovereign wealth fund (SWF) has invested €119m in seven logistics properties in the US, Spain and the Netherlands, via its joint venture with Prologis.

The NOK8.9trn (€919bn) fund, the Government Pension Fund Global (GPFG) paid $55.6m (€49.9m) for a 45% ownership interest in three properties in Orange County, California; €33m for a 50% stake in two properties in Barcelona and one in Madrid, and €36.1m for 50% of a property in Tilburg in the Netherlands.

In an announcement, Norges Bank Investment Management (NBIM), which runs the fund, said the assets it has bought into in California have a total leasable area of 663,257sqft, while the properties in Spain involve 74,579sqm of space and the one in the Netherlands has 82,700sqm, the

The sellers of the three-building portfolio in Orange County were Western Realco and Penwood Capital, while the sellers of the Spanish and Dutch assets were Prologis and CBRE Global Investors respectively, NBIM said.

The manager said that financing was not involved for any of the deals and that all are unencumbered by debt.

Norway’s oil fund has been investing with the logistics property company, Prologis, since 2012 when it bought 50% of its European portfolio for €1.2bn.


Related images

  • Logistics Warehouse

Have your say

You must sign in to make a comment


Your first step in manager selection...

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

  • QN-2543

    Asset class: Search of an Asset manager / Advisor managing / Advising a risk-based equity derivatives overlay program.
    Asset region: Global Developed Markets Equities, Global Emerging Markets Equities, Swiss Equities.
    Size: CHF 700-2100 million.
    Closing date: 2019-06-17.

  • QN-2544

    Asset class: Transitional Real Estate Debt.
    Asset region: North America (USA/Canada).
    Size: $50-100mn.
    Closing date: 2019-06-17.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Now