Fund disposes logistics properties
Norges Bank Real Estate Management has sold its 45 percent interest in two large logistics properties in the US through its joint venture with Prologis.
21 July 2016
The two disposals were unrelated, but were both completed in April 2016. Norges Bank Real Estate Management disposed of its 45 percent interest for 43.8 million dollars and 47.5 million dollars respectively.
Norges Bank Real Estate Management bought the properties in May 2015, as part of a large portfolio consisting of 322 properties located across 17 US states. We acquired our 45 percent interest in the portfolio for 2.3 billion dollars.
The two properties have a total leasable area in excess of 830,000 and 1,015,000 square feet. The buildings are located in New Jersey and near Boston.
Press contact:
Line Aaltvedt, Communications Advisor
Tel: +47 948 54 656
Email: press@nbim.no