NBIM and Prologis Sell US Logistics and Buy German Assets in Three Transactions | New

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Norges Bank Investment Management (NBIM), the central bank that manages the Norwegian sovereign wealth fund, has entered into three logistics deals through its partnership with asset manager Prologis – buying in Germany and selling twice that value in the United States.

The manager of the Government Pension Fund Global (GPFG) of NOK12trn (1.1 billion euros) said that in a transaction concluded on June 30, it had invested 108 million euros in a 47% stake in 11 logistics properties in Berlin and in the Rhine-Ruhr. zone, with its long-time partner Prologis buying the remaining 53%.

Without naming the seller, the Oslo-based organization said it had purchased the assets of a “listed German real estate company”.

The 11 properties have a total leasable area of ​​548,000 m², NBIM said, adding that they were “not burdened with debt and no financing was involved in the transaction.”

NBIM said the Prologis partnership has sold 27 logistics properties located in multiple regions of the United States, including Memphis, Louisville, Seattle, Baltimore / DC and South Florida to a fund managed by Ares Management.

NBIM said it received $ 206 million (€ 175 million) for its 45% stake in the assets, and that the sale was finalized last week, on July 14, based on an agreement signed on June 2.

In total, these 27 properties have 5.1m² of rental space, the GPFG manager said, and were acquired as part of a larger portfolio transaction in January 2020.

NBIM also said its connection to Prologis sold a US logistics property in Jeffersonville, southern Indiana, as part of a May 17 deal to a fund managed by Hines, for which NBIM alone received $ 45 million for its 45% stake.

The building had a total leasable area of ​​one million square feet, he said, adding that the joint venture bought the asset as part of a larger portfolio transaction in 2015.

Logistics assets were the main contributor to the strong performance of unlisted real estate in 2020, Mie Holstad, Chief Real Assets Officer said in February, although overall unlisted real estate investments ended the year last with a loss of 0.1%.

To read the digital edition of the latest IPE Real Assets magazine, click here.


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