The agreement was signed 18 July 2019 and completed 21 August 2019.
Norges Bank Investment Management paid 35.1 million pounds for its 50 percent ownership interest. The property is unencumbered by debt, and no financing was involved in the transaction.
Prologis has acquired the remaining 50 percent interest and will perform the asset management on the property on behalf of the joint venture.
The seller of the property is RM Coleview 1 Ltd.
The property has a total leasable area of 20,519 square meters of logistics space.
Disposal of logistics properties
The partnership between Norges Bank Investment Management and Prologis has also sold two properties in Savannah, Georgia.
The agreement was signed 1 August 2019 and completed 10 September 2019.
Norges Bank Investment Management received 31.5 million US dollars for its 45 percent ownership interest. The properties were acquired as part of a larger portfolio in May 2015.
The buyer of the properties is Ares Management’s Real Estate Group.
The properties have a total leasable area of 1,035,676 square feet of logistics space.