Norges Bank Acquires Logistics Portfolio Stake for €166 Million
Deal News | Dec 16, 2024 | Norges Bank Investment Management (NBIM)
Norges Bank Investment Management (NBIM), the fund management arm of Norges Bank, has strategically expanded its logistics investment portfolio by acquiring a 49.5 percent stake in a 201,000 square meter portfolio from Prologis. The deal, which concluded on December 13, 2024, involved NBIM paying 166 million euros for its interest, with 73 million British pounds directed at two UK properties and 78 million euros for five properties across Continental Europe. Prologis, retaining a 50.5 percent stake, will continue to manage the portfolio. This investment is entirely equity-funded, indicating NBIM's significant commitment to enhancing logistics infrastructure without leveraging debt.
Sectors
- Real Estate
- Logistics
- Investment Management
Geography
- Europe – The logistics portfolio acquired involves properties located in the UK and across Continental Europe.
- United Kingdom – This location is involved as part of the acquired logistics portfolio, with specific properties situated within the UK.
Industry
- Real Estate – Involves the ownership and management of real estate assets as demonstrated by Norges Bank's acquisition of a significant stake in a logistics portfolio.
- Logistics – Refers to the facilities and infrastructure related to logistics and distribution, as indicated by the leasable area of 201,000 square meters acquired by Norges Bank.
- Investment Management – Entails the strategic financial activities and considerations of managing and expanding investment portfolios, relevant to NBIM's portfolio acquisition.
Financials
- 166 million euros – Total purchase price for the 49.5 percent interest in the logistics portfolio.
- 73 million British pounds – Amount paid for the two properties located in the UK, converted to euros as part of the total investment.
- 78 million euros – Amount paid for the five properties located across Continental Europe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norges Bank Investment Management | Buyer | Company | The fund management division of Norges Bank, responsible for acquiring a 49.5 percent interest in the logistics portfolio. |
| Prologis | Seller and Asset Manager | Company | The seller of the portfolio and the entity retaining a 50.5 percent stake while continuing to oversee the portfolio management. |
| Norges Bank | Parent Company | Company | The central bank of Norway, under which the investment management arm operates. |