13.06.2013 - Oil-fueled Norwegian SWF buys 2.4 msf industrial portfolio in UK
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 Prologisí 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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