Norway’s sovereign fund has sold two US logistics properties first acquired as part of its joint venture with Prologis for $90m (€81.6m).

The properties, located in New Jersey, have a total leasable area in excess of 830,000 and 1,015,000 sqft, and were sold by the fund’s manager, Norges Bank Investment Management (NBIM), for $43.8m and $47.5m, respectively.

Both were first acquired last May, when NBIM paid $2.3bn for a 45% stake in a logistics portfolio previously owned by KTP Capital.

The portfolio of more than 300 properties spans 17 US states and was sold to the joint venture partners for a total of $5.9bn.

NBIM has been selling select logistics portfolios over the last year and in April sold its stakes in two Spanish properties for a combined €45.7m, also first acquired through its Prologis joint venture.

But the NOK7.34trn (€784bn) Government Pension Fund Global has also been active in the office market and recently grew its stake in a Manhattan office portfolio owned by Trinity Church Wall Street, paying $142m for a further 4% stake.

More recently, NBIM acquired a retail and office unit in central London, put up for sale by Aberdeen Asset Management’s open-ended property fund in the wake of the UK’s decision to leave the European Union.