Norges Bank Real Estate Management has bought a 48% interest in a downtown Manhattan office and retail property for Norway鈥檚 sovereign wealth fund.
In a deal signed on Sunday, the NOK7.7trn (鈧�829bn) Government Pension Fund Global acquired the stake in 375 Hudson Street in a joint venture with Trinity Church Wall Street and .
Norges Bank paid $223m (鈧�190m) for a 93-year ownership interest in the property.
The seller was Trinity Church Wall Street, and the transaction valued the entire property at $865m.
Hines is to be the operating partner, and has acquired a 1% interest from Trinity Church Wall Street.
Located between King Street and West Houston Street, the property is .
The building has 1.1m sqft of office and retail space, and has a $400m senior mortgage.
