Norway SWF Rebalances Some Logistical Properties in US and Europe

Posted on 07/20/2021


The partnership between Norges Bank Investment Management and Prologis has acquired 11 logistics properties in Germany, located in Berlin and the Rhine-Ruhr area. The agreement was signed May 19, 2021, and the transaction was completed June 30, 2021.

Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, paid 108 million euros for its 47 percent ownership interest. The properties are unencumbered by debt, and no financing was involved in the transaction. Prologis will own the remaining 53 percent interest and will perform the asset management of the properties on behalf of the joint venture.

The seller is a German listed real estate company.

The properties have a total leasable area of 548 000 square meters.

Disposes logistics property to Hines Group
The partnership has sold one logistics property located in Jeffersonville, Southern Indiana. The agreement was signed March 26, 2021, and the transaction was completed May 17, 2021. Norges Bank Investment Management received 45 million US dollars for its 45 percent ownership interest in the property. The property was acquired as part of a larger portfolio transaction in 2015.

The buyer of the property is a fund managed by Hines.

The building has a total leasable area of 1.0 million square feet.

Disposes logistics properties to Ares Management
The partnership has also sold 27 logistics properties located across multiple U.S. markets, including Memphis, Louisville, Seattle, Baltimore/DC, and South Florida.

The agreement was signed on June 2, 2021, and the transaction was completed July 14, 2021.

Norges Bank Investment Management received US$ 206 million for its 45 percent ownership interest in the properties. The properties were acquired as part of a larger portfolio transaction in January 2020.

The buyer of the properties is a fund managed by Ares Management.

The buildings have a total leasable area of 5.1 million square feet.

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