BOOM: Norway’s SWF Signs Trinity Wall Street Real Estate Deal
Norges Bank Investment Management (NBIM), the manager of Norway’s Government Pension Fund – Global (GPFG), has finalized negotiations and entered into an agreement to purchase a 44% interest in a portfolio comprising 11 office properties in New York City, in a joint venture with Trinity Wall Street. The binding agreement was officially signed on November 20, 2015, with a projected close before year-end. CBRE Group Inc. is the financial advisor for Trinity Wall Street Episcopal Church on this deal.
SWFI reported on NBIM’s interest back in September.
|12-16 Vestry Street||75 Varick Street|
|200 Hudson Street||100 Avenue of the Americas|
|205 Hudson Street||155 Avenue of the Americas|
|345 Hudson Street||225 Varick Street|
|350 Hudson Street|
|10 Hudson Square|
|435 Hudson Street|
NBIM acquires a 44% interest in a 75-year ownership interest for US$1.56 billion, valuing the property portfolio at US$ 3.55 billion. The assets will be unencumbered by debt at closing. The properties are around 94% leased and total over 4.9 million square feet in the Hudson Square neighborhood of Midtown South in Manhattan. Properties include 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street and 435 Hudson Street. The total portfolio comprises more than 30% of the Hudson Square commercial neighborhood.
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