August 22, 2018 / 11:16 AM / a year ago

Norway's wealth fund buys stake in Boston property

OSLO (Reuters) - Norway’s sovereign wealth fund, the world’s largest, has bought a 49.9 percent stake in an office and retail property in Boston, it said on Wednesday.

The fund paid $290.9 million for its ownership interest in the property at 501 Boylston Street, valuing the property at $582.9 million.

The property is encumbered by $216.5 million of existing debt, it added.

The seller was TH Real Estate, which will retain the remaining 50.1 percent interest and manage the property on behalf of the joint venture.

Reporting by Camilla Knudsen, editing by Terje Solsvik

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