Norway to invest in US office buildings
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[SEATTLE] Norway's sovereign-wealth fund, the world's largest, agreed to buy stakes in three prime US office buildings for about US$1.5 billion, extending a real estate shopping spree as it seeks higher-yielding assets.
Affiliates of Norges Bank Investment Management, which manages the Norwegian government's global pension fund, is acquiring 45 per cent interests in the buildings from Boston Properties Inc, the seller said on Tuesday in a statement. The properties are 601 Lexington Ave in New York,the Atlantic Wharf Office Building and 100 Federal Street in Boston.
The fund has been expanding its holdings of high-quality properties in coastal cities. Norway's US$880 billion wealth fund formed a real estate group in July that will invest almost US$10 billion a year over the next three years. The fund, whose holdings include properties on London's Regent Street and Paris's Avenue des Champs-Elysees, is required to have as much as 5 per cent of its assets in real estate.
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