Norway's €807 bn oil-fuelled sovereign wealth fund has acquired a 50% share in eight assets and development land in Central and Eastern Europe for €55 mln.
Norges Bank Real Estate Management, which manages investments on behalf of the sovereign wealth fund, said the transactions did not include any debt financing.
The portfolio comprises eight buildings with a total volume of 148,000 m2 and land with development potential of 173,000 m2. The properties are located in Wroclaw, Prague and Budapest.
NBIM bought its stake from its 50:50 logsitics joint venture partner, Prologis, which previously owned 100% of the portfolio. Prologis will continue to asset manage the portfolio on behalf of the joint venture.
The joint venture also sold three logistics properties in France. The agreement for the disposal was signed 13 July 2016 and completed 28 September 2016. For its 50% ownership interest NBIM received €25 mln.
The properties were acquired in in March 2013 when NBIM paid €21.8 mln for its share. The buildings are located in Paris, Blois and Cavaillon in France. The three properties have a total leasable area of 99,000 m2.
