Norway's oil fund has bought nearly half of New York's Times Square Tower in its most significant step yet in its shift into property investment.
The Government Pension Fund of Norway paid $684 million to take a 45 percent stake in the tower. Boston Properties, which sold the stake, will retain the remaining 55 percent.
Times Square Tower occupies a full block in Manhattan and has a total of 115,200 square meters of office space.
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The $750 billion oil fund has since 2011 begun buying properties, aiming for real-estate investments to eventually constitute around five percent of its total assets.