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Fund makes new investment in logistics

19 July 2018

The partnership between Norges Bank Real Estate Management and Prologis has acquired a logistics property in Orange County, California.

The agreement was signed on 22 March 2018, and the transaction was completed on 9 April 2018.

Norges Bank Real Estate Management paid 25.4 million US dollars for its 45 percent ownership interest. The transaction did not include any debt financing.

The seller of the property was Barings.

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 307,781 square feet.

Disposal of logistics property

The partnership has also sold one logistics property in Dallas, Texas.

The transaction was signed and completed on 7 May 2018.

Norges Bank Real Estate Management received 31.0 million US dollars for its 45 percent ownership interest. The property was acquired in May 2015 as part of a larger portfolio across the US.

The buyer of the property was Kohler Co.

The property has a total leasable area of 1.3 million square feet.

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