Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global (GPFG), has sold two logistics property in the USA.

It owned the property, located in Kenosha, Wisonsin, as a joint venture with Prologis and will receive US 79.2m for its 45 per cent share. The buyer of the properties is KKR.

The agreement was signed on 2 June 2020 and completed on 30 June 2020.

The properties were originally acquired by the joint venture in May 2015 as part of a larger portfolio across the US. The properties have a total leasable area of 1.5 million square feet.


The fund has an extensive real estate portfolio and most recently purchased a 39.9 per cent share in an office complex located in Tokyo. The acquisition was a joint venture with a new partner, Mitsubishi Estate, and was signed on 5 March 2020, with completion expected by 24 March 2020.

NBIM paid JPY 79.7bn JPY for a 39.9 per cent interest in the strata-title for sale, valuing it at JPY 199.7 bn. NBIM planned to finance 12.6 per cent of the acquisition with a bank loan.

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