Norges Bank Real Estate Management (NBREM) is buying half of TH Real Estate’s stake in a mixed-use US office and retail asset for $290.9m (€250.6m).

NBREM, which manages Norway’s NOK8.4trn (€866.82bn) sovereign wealth fund, will own a 49.9% share in the asset at 501 Boylston Street in Boston, Massachusetts. The property comprises 610,000sqft of office and retail space and offers tenants, floor plates of 60,000sqft.

TH Real Estate said it will perform the asset management of the property and retain the remaining 50.1% interest in the property.

Sam Flood, the regional head for TH Real Estate’s New England & Midwest investments, said: “We are continuously re-balancing our portfolios and considering current market conditions.

“501 Boylston was acquired more than a decade ago and, after significant improvements to the property, the building is well positioned in the Back Bay market.”

TH Real Estate is a subsidiary of Nuveen, the investment management arm of US financial services group TIAA.