Norway’s sovereign wealth fund acquires London logistics property

The partnership between NBIM and Prologis has been active in acquiring logistics assets during 2019.

The partnership announced in April the acquisition of seven logistics properties in the U.S., Spain and the Netherlands. Three of the properties are located in Orange County, California, two are in Barcelona, one in Madrid and one in Tilburg.

Agreement on the acquisition in Orange County was completed in early January. NBIM paid $55.6 million for a 45% ownership stake in the property portfolio, which is unencumbered by debt; no financing was involved in the transaction. The portfolio has a total leasable area of 663,257 square feet.

Agreement on the acquisitions in Barcelona and Madrid was signed was completed in early March. NBIM paid €33 million ($36.7 million) for a 50% ownership in the properties, which are unencumbered by debt; and no financing was involved in the transaction.

Agreement on the Tilburg acquisition was completed in mid-April. NBIM paid €36.1 million for a 50% stake. The property is unencumbered by debt; no financing was involved in the transaction. The property has a leasable area of 82,700 square meters.

These transactions follow the announcement in late January that the partnership had acquired six logistics properties in Chicago, Nashville and Orlando. The properties have a total area of 2.8 million square feet. That transaction was completed in late December 2018.

Norges Bank Real Estate Management paid $87.7 million for a 45% stake in the acquisition. The portfolio is unencumbered by debt; no financing was involved in the transaction.