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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Boston Properties to sell 45pct interest in Times Square Tower to Norges Bank

Posted on 10 September 2013

Real estate investment trust Boston Properties Inc.agreed Monday to sell a 45 percent ownership interest in its 47-story Times Square Tower to a Norwegian Sovereign Wealth fund in an all-cash deal valued at $684 million. The deal includes 45 percent ground leasehold interest and related tax credits. The property is unencumbered by debt. The deal is expected to close within the next 90 days.
The Norwegian Government Pension Fund Global entered into a joint venture agreement with Boston Properties to buy the ownership interest in an office property in New York. The fund is managed by Norges Bank, which is Norway’s central bank and also manages Norway’s foreign exchange reserves………………………………………..Full Article: Source


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