| Norges Bank Investment Management, which manages the world’s biggest sovereign wealth fund, bought a portfolio of real estate in Madrid and Barcelona through a joint venture with Prologis Inc. (PLD). Prologis European Logistics Partners Sarl bought more than 1.6 million square feet of logistics facilities and development land in the two Spanish cities from SABA Parques Logisticos, Prologis said.
“Demand for logistics infrastructure in Spain is rising while construction of new facilities is at an historic low,” Philip Dunne, president of Prologis Europe, said in the statement. “We are pleased to acquire this well-located portfolio at a discount to replacement costs.”..............................................Full Article: Source
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