NBIM invests £220m in logistics property portfolio

Norway’s Norges Bank Investment Management (NBIM) has invested £220m in a portfolio of 14 logistics properties in the UK.

The asset manager, which is responsible for the investments of the Government Pension Fund Global, has acquired 50 per cent ownership interest in the portfolio.

The acquisition was made as part of its partnership with Prologis, which will own the remaining 50 per cent interest.

Prologis will perform the asset management on the portfolio on behalf of the joint venture.

The agreement was signed on 29 November 2021 and the transaction was concluded on 3 December 2021.

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

Prologis UK Logistics Venture, which is a joint venture between Prologis and CBRE Investment Management, was the seller of the portfolio.

The logistics property portfolio has a leasable area of 207,000 square miles.

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