Norway oil fund buys into Times Square Tower
Richard Orange - [email protected] •
10 Sep, 2013
Updated Tue 10 Sep 2013 10:53 CEST
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. 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.
See Also
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.
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.
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.