Fund makes new investment in San Francisco
14 September 2015
Norges Bank Investment Management has acquired a 49.9 percent interest in 888 Brannan, a 445,000 square foot office property located at 888 Brannan Street in San Francisco, in joint venture with TIAA-CREF.
The agreement was signed 24 July 2015, and closing occurred on 11 September 2015.
Norges Bank Investment Management acquired its 49.9 percent interest in the asset for 153.2 million dollars, valuing the property at 307.1 million dollars. The asset is unencumbered by debt, and no financing was involved in the transaction.
The property consists of 73 percent office and 27 percent retail.
TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.