Transactions - JANUARY 25, 2018

NBIM makes new investment in logistics, sells 27 logistics properties

by Andrea Zander

Norway’s $1.1 trillion sovereign wealth fund Norges Bank Real Estate Management (NBIM) with its partner Prologis has sold 27 logistics properties located in the Chicago area, Florida and New Jersey.

The buyer of the portfolio was BRE Alpha Industrial Property Owner LLC, an affiliate of Blackstone Group.  ​

The transaction was completed in two stages on Nov. 29, 2017, and Dec. 8, 2017.

NBIM received $110.1 million for its 45 percent ownership interest. The properties were acquired as part of a larger portfolio in May 2015, and NBIM paid $2.3 billion for its interest in the total portfolio.

The buildings have a total leasable area of 3.1 million square feet.

Since its merger with AMB, Prologis has sold 88 percent, or $11.6 billion of real estate, according to Prologis’ recent quarterly conference call. Prologis has been deploying capital from those sales back into development. Last year, the REIT started construction on 11.8 million square feet of new development in the United States valued at more than $1 billion. This year, it expects to complete another 10.1 million square feet in the United States valued at $990 million.

Separately, the joint venture acquired a logistics property in San Francisco for $29.1 million. The seller was Sanrio.

Prologis has a 55 percent interest in the property and will perform the asset management on behalf of the joint venture.

The property has a total leasable area of 357,000 square feet.

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