Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, the Norwegian Oil fund, has acquired seven logistics properties located across Europe in partnership with major logistics developer and owner Prologis.
The assets are located in Germany, Italy, Spain and the UK. The portfolio has a leasable area of 201,000 m2.
The assets, which were developed by Prologis, were acquired by a joint venture between NBIM and Prologis. NBIM paid €166 mln for a 49.2% ownership interest in the properties. This includes a £73 mln (€88 mln) price tag for the two UK properties, and €78 mln paid for the five properties located in Continental Europe.
Prologis has retained the remaining 50.5% interest, and will perform the asset management on the portfolio on behalf of the joint venture.
The portfolio is unencumbered by debt, and no financing was involved in the transaction.
The deal follows a recent transaction by NBIM in London, where the fund acquired an additional 10% interest in the Pollen Estate, located in the West End.
