Norway’s sovereign wealth fund invests $ 543 million in Manhattan offices

The Sovereign Resources Fund in Norway intends for $ 2 trillion to invest more than half a billion dollars in the New York City office building, its latest major investment at Prime Global Real Estate.

The box, the largest of its kind in the world, is managed by Norges Bank Investment Management (NBIM) on behalf of the Norwegian population.

nbim He said On Tuesday it will pay $ 542.6 million for a 95 % stake in an office property in 1177 Street of Americas – also known as Sixth Avenue.

The purchase will be a joint project with Beacon Capital Partners. Beacon will take a 5 % stake in the building, as Beacon oversees the asset management of property of one million square feet.

The deal, which is estimated at $ 571.1 million, is expected to be completed in the third quarter of this year.

NBIM and Beacon will purchase the offices building from the retirement system for teachers in California and the Silverstein property, which you currently own under a joint project.

It was created in the 1990s to invest in the Norwegian oil and gas industry, and the country’s sovereign wealth fund is more than 19.8 trillion Norwegian Croner ($ 1.98 trillion).

While the main focus of the fund is global stocks – with risks in appleand Nafidiaand TimingGerman defense giant Rheinmetall Chipmaker TSMC – 1.9 % of its real estate investments.

Its portfolio actually includes more than ten buildings in New York, with possessions at Prime Manhattan Property. The fund has a 45 % stake in Times Square Tower, and it is invested in real estate in Madison Avenue in New York City and Broadway, which will find its new investments on the Americas Street.

Real estate property in NBIM also extends throughout the United States, with real estate shares in Boston, San Francisco, Las Vegas and other major cities – but the focused real estate portfolio worldwide.

As of June 30, real estate possesses in NBIM extended 15 countries, with 486 real estate investments worth more than $ 16 billion in the United States.

Earlier this yearIt has been announced that the fund will invest $ 740 million to buy 25 % of the real estate portfolio in the Garden Upmarket area in London.

NBIM also agreed to pay 240 million euros ($ 279 million) earlier this year compared to a 40 % stake in Axa Lifestyle Housing, which contains a platform that owns and manages student and living real estate in Spain and France.

In the first half of the year, the fund recorded 4 % back on its real estate investments that are not listed.