Norway’s $800 billion (£489bn) oil fund, the world’s largest, has bought a 45% stake in US industrial properties for $450 million (£275m).

The seller Prologis, a commercial property company based in the US, will retain a 55% share in the joint venture. The 66 properties are located in eight states and span over 12.8 million square feet.

Norway’s sovereign-wealth fund gets its capital from the country’s oil and gas sector and dividends from energy company Statoil.

Karsten Kallevig, Chief Investment Officer for real estate at Norges Bank Investment Management (NBIM), the fund’s manager said: “We are investing in a solid portfolio of logistics assets close to key transportation hubs.”

The transaction is expected to be completed by February next year.

The fund bought a 50% share of a European property portfolio from Prologis for €1.2 billion ($1.6bn) a year ago.