Fund makes new investment in the US
Norges Bank Investment Management has signed an agreement to acquire a 45 percent interest in a 60 million square feet industrial portfolio with additional development potential in a joint venture with Prologis.
The agreement was signed 17 April 2015, and closing is expected to occur within 30 to 60 days.
Norges Bank Investment Management will acquire its 45 percent interest for 2.3 billion dollars, valuing the portfolio at 5.9 billion dollars. The portfolio is encumbered with 0.7 billion dollars of existing debt. The vendor is KTR Capital Partners.
The portfolio consists of 322 operating properties located across 17 US states. The acquisition includes an additional 10 properties with 3.6 million square feet currently under construction and land with a build-out potential of 6.8 million square feet.
Prologis will acquire a 55 percent interest in the portfolio and will perform the asset management on behalf of the partnership.
Line Aaltvedt, Communications Advisor
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