February 11, 2013 / 12:10 PM / 5 years ago

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

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.

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