Norway Oil Fund Pays $299.5 Million for 50% Share in UK Property Portfolio

By Dominic Chopping

Norway's $1.4 trillion sovereign-wealth fund, the world's largest, has bought a portfolio of 14 logistics properties in the U.K. with property joint-venture partner, Prologis Inc.

Norges Bank Investment Management, the arm of Norway's central bank that manages the fund, commonly known as the oil fund, said Thursday it paid 220 million pounds ($299.5 million) for its 50% ownership interest.

The seller was Prologis UK Logistics Venture, a joint venture between Prologis and CBRE Investment Management, it added.

Prologis will own the remaining 50% interest and will perform the asset management on the portfolio.

The portfolio has a total leasable area of 207,000 square meters, it said.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

01-20-22 0654ET