Norges Bank Investment Management (NBIM), which runs the NOK5.5trn (€673bn) Government Pension Fund Global (GPFG), has bought half of a portfolio of Spanish logistics properties through its European joint venture with international industrial property provider Prologis.
The 50-50 joint venture — Prologis European Logistics Partners (PELP) — has acquired a portfolio of 152,029m2 of logistics facilities and development land in Madrid and Barcelona from SABA Parques Logisticos, Prologis said.
The portfolio includes eight buildings and two plots of land totalling 14.9 hectares, NBIM said.
NBIM did not disclose the value of the latest deal, but said it had now paid a total of €242m for its 50% stake across four transactions via the joint venture, which began in 2013.
Philip Dunne, president of Prologis Europe, said: “This acquisition is a unique opportunity to purchase high-quality assets that complement PELP’s existing portfolio.”
Demand for logistics infrastructure in Spain was on the rise and construction of new facilities at a historic low, he said.
The portfolio had been bought at a discount to replacement costs, he said.
Including this deal, the PELP portfolio now included 230 logistics facilities in Europe with 5.3m square meters of space, Prologis said.
NBIM said Prologis would manage the portfolio.
The deal was signed on 22 August, it said.
A year ago, the joint venture acquired a 12,600sq2 distribution facility in Tongeren, Belgium.