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.