NBIM acquires 50% of UK logistics property for £19.6m

Norges Bank Investment Management (NBIM) and Prologis are now joint owners of a Milton Keynes-based logistics property as part of the continued partnership between the two companies.

Following an agreement signed and completed on 16 September 2020, NBIM paid £19.6m for its 50 percent ownership interest in the property, which has a leasable area of 24,464 square meters.

The property is unencumbered by debt, and no financing was involved in the transaction.

The seller of the 50 per cent share of the property was Prologis, which will continue to own the remaining 50 per cent interest and will perform the asset management on the property on behalf of the joint venture.

NBIM is the manager of Norway’s Government Pension Fund Global (GPFG) and aims to ensure responsible and long-term management of revenue from the nation’s oil and gas resources in the North Sea.

Its partnership with Prologis has seen the duo invest in properties worldwide, with NBIM having acquired a 50 per cent share in a UK logistics property for £35.1m in October 2019 as Prologis snapped up the other half.

Another spate of investment in April 2019 saw the twosome invest in seven logistics properties across three countries, including three in Orange County, California, and two more in Barcelona.

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