NBIM Prologis Partnership Sold Three Bay Area Properties
A partnership formed by Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (NBIM), and Prologis, sold three logistics properties in the San Francisco Bay Area to JLL Income Property Trust. JLL Income Property Trust is managed by LaSalle Investment Management.
Norges Bank Real Estate Management received US$ 38.3 million for its 45% ownership interest in the properties. The properties were acquired by the partnership during development in May 2015, and Norges Bank Real Estate Management paid US$ 24.3 million for its ownership interest. One of the sold properties was the Pinole Point Distribution Center, a Class-A 41,000 square foot warehouse.
The sales agreement was signed on September 8, 2016 and the other date was December 28, 2016. It was completed in two stages.
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