Norway’s sovereign fund has sold two US logistics properties first acquired as part of its joint venture with Prologis for $90m (€81.6m).
The properties, located in New Jersey, have a total leasable area in excess of 830,000 and 1,015,000 sqft, and were sold by the fund’s manager, Norges Bank Investment Management (NBIM), for $43.8m and $47.5m, respectively.
Both were first acquired last May, when NBIM .
The portfolio of more than 300 properties spans 17 US states and was sold to the joint venture partners for a total of $5.9bn.
NBIM has been selling select logistics portfolios over the last year and in April sold its , also first acquired through its Prologis joint venture.
But the NOK7.34trn (€784bn) Government Pension Fund Global has also been active in the office market and recently grew its stake in a Manhattan office portfolio owned by Trinity Church Wall Street, .
More recently, NBIM acquired , put up for sale by Aberdeen Asset Management’s open-ended property fund in the wake of the UK’s decision to leave the European Union.
