Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Norway Oil Fund Buys $450 Million Stake in Prologis Properties

Don't Miss Out —
Follow us on:

Dec. 23 (Bloomberg) -- Norway’s $815 billion sovereign-wealth fund, the world’s largest, bought a 45 percent stake in 66 U.S. industrial properties from Prologis Inc. for $450 million.

Prologis will retain a 55 percent share in the joint venture, which plans to add new assets in the future, Norges Bank Investment Management said in a statement today. There is no debt linked to the assets, which are located in eight states and span over 12.8 million square feet (1.2 million square meters).

“We are investing in a solid portfolio of logistics assets close to key transportation hubs,” Karsten Kallevig, NBIM’s chief investment officer for real estate, said in the statement.

Norway’s sovereign-wealth fund, which gets its capital from the country’s oil and gas activity and dividends from energy company Statoil ASA, plans to increase the share of real estate investments to 5 percent of its total assets from 0.9 percent at the end of the third quarter. It made its first real estate purchase in 2011.

The fund bought a 50 percent share of a European property portfolio from Prologis for 1.2 billion euros ($1.6 billion) a year ago.

To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net