Fund makes new investment in Boston
22 August 2018
Norges Bank Real Estate Management has acquired a 49.9 percent interest in a mixed-use office and retail property located at 501 Boylston Street in Boston.
The agreement was signed and completed on 21 August 2018.
Norges Bank Real Estate Management paid 290.9 million dollars for its 49.9 percent ownership interest, valuing the property at 582.9 million dollars. The property is encumbered by 216.5 million dollars of existing debt.
The seller of the interest was TH Real Estate.
TH Real Estate will retain the remaining 50.1 percent interest and will perform the asset management of the property on behalf of the joint venture.
The property comprises 610,000 square feet of office and retail.
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Photo credit: http://www.501boylstonstreet.com