The Norwegian Government Pension Fund Global’s asset manager Norges Bank Investment Manager (NBIM) has extended its partnership with Prologis and invested in seven logistics properties across three countries.
Three of the seven properties are located in Orange County, California, where NBIM and Prologis already owns property. NBIM bought the properties from Western Realco and Penwood Capital for $55.6bn for 45 per cent ownership without financing.
The portfolio has a total leasable area of 663,257 square feet, and the transaction was completed on 4 January 2019.
Two more buildings acquired by the partnership are located in Barcelona, and one is in Madrid. NBIM paid €33m for its 50 per cent ownership interest.
The 74,579 square meter properties were previously owned by Prologis alone, and the parts finished the transaction on 7 March.
The Tilburg property was signed and completed on 9 April. NBIM acquired the 82,700 square meter property from CBRE Global Investors for €36.1m, for 50 per cent ownership.
The Spanish and Dutch properties were all unencumbered by debt, and no financing was involved in the transactions.
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