by Ákos Budai | Investment

Norway’s sovereign wealth fund has acquired a 50 percent interest in a logistics portfolio comprising eight buildings and developable land in Poland, the Czech Republic and Hungary, in a joint venture with Prologis. During the same period, three logistics properties in France have been sold.


The agreements for the new acquisitions were signed on 14 September 2016 and completed on 16 September and 19 September 2016. Norges Bank Real Estate Management paid €55.3 million for its 50 percent interest, valuing the portfolio of eight buildings at €110.5 million. The transactions did not include any debt financing.
 
The portfolio includes eight buildings with a total volume of 148,000 square meters and land with development potential of 173,000 square meters. The properties are located in Wroclaw, Prague and Budapest. 
 
Norges Bank Real Estate Management bought its stake from Prologis, who previously owned 100 percent of the portfolio. Prologis will continue to perform the asset management of the portfolio on behalf of the joint venture.
 
Disposal of three logistics properties in France
 
The joint venture between Norges Bank Real Estate Management and Prologis has sold three logistics properties in France. The agreement for the disposal was signed 13 July 2016 and completed 28 September 2016. For its 50 percent ownership interest Norges Bank Real Estate Management received €25.1 million. The properties were acquired in in March 2013, and Norges Bank Real Estate Management paid €21.8 million for its ownership interest. The buildings are located in Paris, Blois and Cavaillon in France. The three properties have a total leasable area of 99,000 square meters.