Fund makes new investments in logistics

The partnership between Norges Bank Investment Management and Prologis has acquired seven logistics properties in the US, Spain and the Netherlands. Three of the buildings are located in Orange County, California, two are in Barcelona, one in Madrid and one in Tilburg.

25 April 2019

Acquisitions in the US

The agreement on the acquisition in Orange County was signed on 27 July 2018 and the transaction was completed on 4 January 2019.

Norges Bank Investment Management paid 55.6 million US dollars for its 45 percent ownership interest. The portfolio is unencumbered by debt, and no financing was involved in the transaction.

The sellers of the properties are Western Realco and Penwood Capital.

The portfolio has a total leasable area of 663,257 square feet.

Acquisitions in Spain

The agreement on the acquisitions in Barcelona and Madrid was signed on 25 January 2019 and the transaction was completed on 7 March 2019.

Norges Bank Investment Management paid 33.0 million euros for its 50 percent ownership interest. The properties are unencumbered by debt, and no financing was involved in the transaction.

The seller of the properties is Prologis.

The properties have a total leasable area of 74,579 square meters.

Acquisition in the Netherlands

The agreement on the acquisition in Tilburg was signed and completed on 9 April 2019.

Norges Bank Investment Management paid 36.1 million euros for its 50 percent ownership interest. The property is unencumbered by debt, and no financing was involved in the transaction.

The seller of the property is CBRE Global Investors.

The property has a leasable area of 82,700 square meters.

 

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