NBIM sells stake in New York office property

Norway’s Norges Bank Investment Management (NBIM) has agreed to sell its stake in an office property located at 475 5th Avenue in New York.

The asset manager, which is responsible for the investments of the Government Pension Fund Global, will receive USD 145m for its 49.9 per cent ownership interest.

The property was initially purchased in a partnership between NBIM and Nuveen Real Estate in February 2013, with Nuveen owning the other 50.1 per cent.

Nuveen has also agreed to sell its stake in the property.

The buyer of the property is RFR Holding, which will now own 100 per cent of the office space.

The agreement to sell it to RFR Holding was signed on 21 January 2022, with completion expected in March 2022.

The office property comprises 276,078 square feet of office and ground floor retail space.

Last week, NBIM invested £220m to acquire a 50 per cent ownership interest in a portfolio of 14 logistics properties in the UK.

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