Norway's wealth fund manager, Norges Bank Investment Management, in partnership with real estate investment trust company Prologis acquired a logistics property in the Ealing suburb of Greenford, London, Norges Bank Investment Management (NBIM) announced on Tuesday.
NBIM paid £35.1 million, with no financing, for its 50% ownership interest in the property, which is debt-free.
Prologis has acquired the remaining 50% interest and will perform the asset management on the property on behalf of the joint venture.
The property has a total leasable logistics area of 20,519 square meters.
NBIM and Prologis also partnered for the sale of two properties in Savannah, Georgia as part of a larger portfolio in May 2015 to Ares Management’s Real Estate Group.
The agreement was signed on Aug. 1, 2019 with sale completion on Sept. 10, 2019.
NBIM received $31.5 million for its 45% ownership interest.
By Murat Temizer