OSLO (Reuters) – Norway’s sovereign wealth fund will pay about $98 million dollars to extend the term of its ownership in a portfolio of New York properties and to acquire a few new, the fund said on Wednesday.
“The partnership between Norges Bank Investment Management (NBIM), Trinity Church Wall Street and Hines has extended the remaining 72-year ownership interest in the Hudson Square portfolio in New York City to a 99-year term,” it said in a statement.
NBIM holds a 48 percent stake in a portfolio of 12 assets in the Hudson Square submarket.
As part of the transaction, NBIM has also agreed to acquire a 48 percent interest in two to-be-constructed assets adjacent to two of the existing assets in the portfolio, currently solely owned by Trinity Church Wall Street, the fund added.
Reporting by Nerijus Adomaitis