January 25, 2018 / 11:52 AM / in a year

Norway wealth fund shuffles U.S. logistics property portfolio

OSLO (Reuters) - Norway’s $1.1 trillion sovereign wealth fund and real estate firm Prologis Inc. (PLD.N) have sold 27 logistics properties from their joint U.S. portfolio to a unit of Blackstone (BX.N), the fund said in a statement on Thursday.

Norges Bank Real Estate Management received $110.1 million for its 45 percent ownership in the Chicago, Florida and New Jersey buildings, which were acquired as part of a larger portfolio in May 2015.

The fund said it had also bought a stake in a logistics property in San Francisco, paying $29.1 million for a 45 percent stake, while Prologis would buy the rest and manage the site.

Reporting by Terje Solsvik; editing by Jason Neely

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