Norges Bank Investment Management (NBIM) has acquired a 97.7% interest in a $222m (€205m) US office property alongside DivcoWest.
The manager of the NOK19.35trn (€1.62trn) Norwegian Government Pension Fund Global said it has invested $217m for its stake in the property in the San Francisco metropolitan area sold by Clarion Partners and Invesco Real Estate.
DivcoWest acquired the remaining 2.3% stake in the 133,449sqft office property at 2882-2884 Sand Hill Road in the City of Menlo Park.
The asset is debt-free and was acquired without the use of financing, NBIM said, adding that a subsidiary of DivcoWest will manage the property for the joint venture.
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