Norway's wealth fund takes 48% stake in New York property

[OSLO] Norway's US$975-billion sovereign wealth fund, the world's largest, has bought a 48-per cent stake in a New York City property, it said on Monday.

Norges Bank Real Estate Management paid US$223 million for the stake in the 93-year ownership interest of 375 Hudson Street from Trinity Church Wall Street, valuing the property at US$865 million.

The deal was done in a joint venture with Trinity Church Wall Street and Hines, the Norwegian fund added.

REUTERS