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.
Latest News
-
Court ruling on VBL’s disclosure obligations leaves scope for interpretation
-
Early buyout of UK DB schemes risks £3bn loss for FTSE 350 firms
-
Taxpayer funding covers majority of Dutch state pension for first time
-
France’s FRR backs CMU as it enters high-rated securities market
-
News in brief: 18 July
-
Annuity providers invested £10.9bn in UK productive assets in 2024, says ABI
Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda
Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories