CORRECTED-(OFFICIAL)-Norway's $700 bln oil fund makes first U.S. property investment
(Norway oil fund corrects price to $600 mln from $1.2 bln)
OSLO Feb 11 (Reuters) - Norway's $700 billion oil fund made its first property purchase in the United States on Monday, paying $600 million for stakes in five assets in New York City, Washington D.C. and Boston, it said in a statement.
The fund purchased 49.9 percent stakes in the five properties from TIAA-CREF, which will continue to hold a majority in the assets and will manage them in a joint venture with the fund.
"The joint venture will seek to acquire additional office properties, primarily in these three cities," the fund said.
(Reporting by Balazs Koranyi)
Trending On Reuters
Strategies for making the most of your donations - from how to grow the money you plan to give to how to withdraw it with minimal tax implications. Video