Norway’s Sovereign Wealth Fund Invests in Google DC Property
Norges Bank Investment Management (NBIM), the manager of Norway’s massive sovereign wealth fund, invested with TIAA-CREF in a Washington D.C. office property. The deal values the property at US$ 307 million. NBIM bought a 49.9% stake in the building which touts Google as a key tenant for US$ 60.8 million. The property asset is encumbered with US$ 185.1 million of existing debt. TIAA-CREF bought the remaining portion of the property and will manage the property on behalf of their partnership.
The property is located at 25 Massachusetts Avenue, NW, a 385,598 square foot office property. The building is a few blocks from the United States Capitol – perfect for lobbying activities and organizations. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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