Norges Bank Investment Management (NBIM), which looks after the Government Pension Fund Global (GPFG), has acquired a 50 per cent share in a UK logistics property for £35.1m.
The acquisition was made by the partnership between NBIM has with Prologis, with Prologis acquiring the remaining 50 per cent share.
The property is in Greenford, located within Greater London, and the agreement was signed 21 July 2019 and was completed on 21 August 2019. The property is unencumbered by debt, and no financing was involved in the transaction.
Prologis will perform the asset management on the property on behalf of the joint venture.
The seller of the property is RM Coleview 1 Ltd. The property has a total leasable area of 20,519 square meters of logistics space.
In addition, the partnership between NBIM and Prologis has sold two properties in Savannah, Georgia. The agreement was signed 1 August 2019 and completed 10 September 2019.
NBIM received $31.5m for its 45 per cent ownership interest. The properties were acquired as part of a larger portfolio in May 2015. The buyer of the properties is Ares Management’s Real Estate Group. The properties have a total leasable area of 1,035,676 square feet of logistics space.
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