Norges Bank Investment Management (NBIM) has agreed to acquire a 95 per cent interest in an office property in New York City, as part of a new partnership with Beacon Capital Partners.
The USD 542.6m (around NOK 5.5bn) transaction, signed on 28 August and expected to close in the third quarter of 2025, values the property at a total of USD 571.1m (NOK 5.8bn).
The seller of the property is a partnership between the California State Teachers' Retirement System and Silverstein Properties.
A subsidiary of Beacon will retain the remaining 5 per cent stake and take responsibility for managing the property on behalf of the partnership.
The asset comprises approximately 100,000 square metres of office space.
The transaction represents part of a wider expansion of NBIM’s unlisted real estate portfolio across key global markets.
In March, NBIM acquired a 40 per cent interest in AXA Lifestyle Housing (operating under The Boost Society, formerly KLEY Group), a student housing and co-living platform spanning France and Spain.
The €240m deal values the platform at approximately €1.3bn, with about €600m of debt encumbrance.
However, the bank announced the closure of its Tokyo office earlier this year, saying expanding its Japan real estate portfolio through direct investments is “no longer a priority”.
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