Norway wealth fund acquires majority stake in New York office building
Photo: Forbes
Norway's sovereign wealth fund said on Tuesday it has bought a 95% stake in an office property located along New York City's Avenue of the Americas.
Norges Bank Investment Management will pay $542.6 million for the stake, valuing the property at $571.1 million, it added, News.Az reports, citing Reuters.
A unit of Beacon Capital Partners will buy the remaining 5% and manage the building on behalf of the two investors, the Norwegian fund said.
The seller of the property is a joint venture between the California State Teachers' Retirement System and Silverstein Properties, the fund added.
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