NBIM acquires German logistics properties through Prologis partnership

Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global, has acquired 11 logistics properties in Germany through its partnership with Prologis.

The agreement was signed 19 May 2021, and the transaction was completed 30 June 2021, to acquire the properties located in Berlin and the Rhine-Ruhr area.
NBIM paid €108m for its 47 per cent ownership interest. The properties are unencumbered by debt, and no financing was involved in the transaction. Prologis will own the remaining 53 per cent interest and will perform the asset management of the properties on behalf of the joint venture.

The seller is a German listed real estate company and the properties have a total leasable area of 548 000 square meters.

In addition, the partnership between NBIM and Prologis has sold one logistics property located in Jeffersonville, Southern Indiana. The agreement was signed 26 March 2021, and the transaction was completed 17 May 2021.

NBIM received USD 45m for its 45 per cent ownership interest in the property. The property was acquired as part of a larger portfolio transaction in 2015. The buyer of the property is a fund managed by Hines. The building has a total leasable area of 1.0 million square feet.

The partnership has also sold 27 logistics properties located across multiple US markets, including Memphis, Louisville, Seattle, Baltimore/DC and South Florida. The agreement was signed on 2 June 2021, and the transaction was completed 14 July 2021.

NBIM received USD 206m for its 45 per cent ownership interest in the properties. The properties were acquired as part of a larger portfolio transaction in January 2020. The buyer of the properties is a fund managed by Ares Management. The buildings have a total leasable area of 5.1 million square feet.

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