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

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Norway's wealth fund extends ownership of New York real estateNorway’s wealth fund extends ownership of 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 and Hines has extended the remaining 72-year ownership interest in the Hudson Square (NYSE:) portfolio in New York City to a 99-year term,” 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.

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Source: Investing.com