The partnership between Norges Bank Investment Management (NBIM) and Prologis has acquired a logistics property in Greenford, U.K., and sold two properties in Savannah, Ga., in the United States.
NBIM said in a press release that it paid £35.1 million ($39.1 million) for its 50 percent ownership interest in the Greenford property, which has a lettable area of 20,519 square meters (220,864 square feet) of logistics space and is located in Greater London.
San Francisco–based Prologis, which acquired the other 50 percent, will serve as the asset manager on behalf of the joint venture.
The agreement was signed in July and completed on Aug. 21.
NBIM, a Norwegian sovereign wealth fund, and Prologis also sold two properties in Georgia to Ares Management’s Real Estate Group.
The assets, which feature more than 1 million square feet of lettable logistics space, were acquired as part of a larger portfolio in May 2015.
NBIM sold its 45 percent own
