Fund makes new investment in Boston
28 July 2014
Norges Bank Investment Management has acquired a 47.5 percent interest in an office property on One Beacon Street in Boston, Massachusetts, in a 47.5 percent/52.5 percent joint venture with MetLife.
The agreement was signed 9 July 2014, and closing occurred 22 July 2014. Norges Bank Investment Management paid 122.3 million dollars for its 47.5 percent stake, valuing the asset at 561.5 million dollars. The transaction included approximately 304 million dollars of existing debt.
The property is 94,575 square meters (1,018,000 square feet) and consists of nearly 100 percent office, with a small retail component which houses a bank and a lunchtime eatery. MetLife will perform the asset management of the property.
Photo: Bill Horsman/NBIM