RPT-Norway's $700 bln oil fund makes first U.S. property investment

OSLO Mon Feb 11, 2013 7:09am EST

OSLO Feb 11 (Reuters) - Norway's $700 billion oil fund made its first property purchase in the United States on Monday, paying $1.2 billion for 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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.