Norway’s Sovereign Wealth Fund Buys Stake in Times Square Tower
Norway’s sovereign wealth fund, the Norwegian Government Pension Fund Global (GPFG), has inked a joint venture agreement with real-estate investment trust, Boston Properties, Inc. The GPFG will acquire a 45% interest in the Times Square Tower for US$ 684 million. The whole tower is valued at US$ 1.52 billion. No financing will be used in the closing.
The oil-backed Norwegian sovereign fund has a targeted 5% allocation to overseas institutional real estate.
Boston Properties will retain a 55% interest and manage the 47-story property. Times Square Tower is located between 41st and 42nd Street between Broadway and Seventh Avenue in Manhattan. The office tower includes retail space. The oil-backed Norwegian sovereign fund has a targeted 5% allocation to overseas institutional real estate.
The agreement was signed on September 6, 2013.
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