Norges Bank Investment Management (NBIM) has taken a 50% stake in a European logistics portfolio as part of its ongoing joint venture with Prologis.

The portfolio of eight assets in France, Poland and the UK is worth €310m ($340.7m). 

Prologis will continue to manage the portfolio for the joint venture.

NBIM, manager of the NOK6.9trn (€824bn) Government Pension Fund Global, said it paid €155m for a 50% stake in an agreement – without debt – completed in May.

The 2.8m sq ft portfolio is in Daventry, Minworth and Kettering in the UK, Vémars in France and Wroclaw in Poland.

The sovereign wealth fund has been investing with Prologis since late 2012, when it took 50% of a pan-European Prologis portfolio for €1.2bn – a deal that made it the fund manager’s largest private capital investor.

Earlier this yearPrologis and Norway’s sovereign wealth fund bought an industrial real estate portfolio by acquiring KTR Capital Partners for $5.9bn (€5.4bn).

The deal was done through the Prologis US Logistics Venture, 45% owned by the sovereign wealth fund.