The agreement was signed on 13 April 2015, and closing occurred on 15 July 2015. Norges Bank Investment Management acquired its 45 percent interest in the assets for 18.2 million dollars, valuing the portfolio at 40.4 million dollars. The assets are unencumbered by debt, and no financing was involved in the transaction.
The properties are adjacent, comprising a total volume of 686,336 square feet.
Prologis will perform the asset management of the properties on behalf of the joint venture.