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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Oil-fueled Norwegian SWF buys 2.4 msf industrial portfolio in UK

Posted on 13 June 2013

LondonMetric Property Plc, a real estate investment trust, has recently completed the sale of its stake in a large distribution portfolio to a joint venture between U.S.-based Prologis’ European branch and Norges Bank Investment Management. The JV purchased the eleven industrial properties that comprise the portfolio for a fee of around $380 million, reflecting a net initial yield of 6.25 percent.
The industrial portfolio totals 2.4 million square feet of space, with 10 of the properties being held by LondonMetric in a 50 percent joint venture with Green Park Investments. The remaining Focus Distribution Centre at Tamworth, was wholly owned by the British REIT. According to a press release, after repayment of debt and fees, LondonMetric made a $105 million profit………………………………………..Full Article: Source


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