Norges Bank Investment Management acquires 50% interest in U.K. logistics portfolio

Norges Bank Investment Management, manager of the Norwegian Government Pension Fund Global, has paid £220 ($298 million) for a 50 percent ownership interest in 14 logistics properties in the United Kingdom.

The agreement was signed in November 2021 and was completed a month later.

The seller of the portfolio is Prologis U.K. Logistics Venture, a joint venture between Prologis and CBRE Investment Management.

After the transaction, Prologis will own the remaining 50 percent interest in the portfolio and will perform the asset management on behalf of the joint venture.