Fund disposes logistics properties
26 January 2017
The partnership between Norges Bank Real Estate Management and Prologis Inc. has sold three logistics properties in the San Francisco Bay area.
The agreement for the disposal was signed 8 September 2016 and completed in two stages, 8 September 2016 and 28 December 2016. The buyer of the portfolio was JLL Income Property Trust.
Norges Bank Real Estate Management received 38.3 million dollars for its 45 percent ownership interest. The properties were acquired by the partnership during development in May 2015, and Norges Bank Real Estate Management paid 24.3 million dollars for its ownership interest.
The buildings have a total leasable area of 518,000 square feet and are 100 percent leased with a weighted average lease term of approximately seven years.
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