Fund makes new investment in logistics
25 January 2018
The partnership between Norges Bank Real Estate Management and Prologis Inc. has acquired a logistics property in San Francisco, California.
The agreement was signed 24 October 2017 and completed 19 December 2017.
Norges Bank Real Estate Management paid 29.1 million US dollars for its 45 percent interest. The transaction did not include any debt financing.
The seller of the property was Sanrio, Inc.
Prologis has acquired the remaining 55 percent interest and will perform the asset management on the property on behalf of the joint venture.
The property has a total leasable area of 357,000 square feet.
Disposal of 27 logistics properties
The partnership has also sold 27 logistics properties located in the Chicago area, Florida and New Jersey.
The agreements were signed on 27 October 2017 and 13 November 2017. The transaction was completed in two stages on 29 November 2017 and 8 December 2017.
Norges Bank Real Estate Management received 110.1 million US dollars for its 45 percent ownership interest. The properties were acquired as part of a larger portfolio in May 2015, and Norges Bank Real Estate Management paid 2.3 billion US dollars for its interest in the total portfolio.
The buyer of the portfolio was BRE Alpha Industrial Property Owner LLC, an affiliate of Blackstone.
The buildings have a total leasable area of 3.1 million square feet.
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