April 17, 2019 / 4:41 PM / a month ago

Norway's wealth fund extends ownership of New York real estate

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

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