Norges Bank Investment Management (NBIM) is buying a 48.75% stake in a £185m (€215.3m) UK life science real estate project alongside Canadian pension investment manager Public Sector Pension Investment Board (PSP Investments).

NBIM, which runs Norway’s NOK12trn (€1.2trn) Government Pension Fund Global, said it will pay £90.2m for its stake in the 242,000sqft office development at Capital Park in Cambridge.

The seller PSP Investments will retain a 48.75% stake in the property, and Longfellow Real Estate Partners, which will own the remaining 2.5%t interest, will perform the asset management on the property on behalf of the joint venture.

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