Norges Bank Investment Management is investing in a portfolio of US offices, paying $1.6bn (€1.5bn) for its stake in a joint venture.

The investment arm of the Norwegian sovereign wealth fund has agreed to take a 44% stake in a portfolio of 11 office properties in New York City.

The assets will be held in a joint venture with Trinity Wall Street.

Norges said the deal, which values the company at more than $3.5bn, is expected to close by year-end. 

The 4.9m sqft portfolio, in the Hudson Square neighbourhood of Manhattan, is 94% let.

The portfolio includes assets in Hudson Street and Avenue of the Americas.

Norges made its first property investment in the US at the start of 2013 via the $600m acquisition of a 49.9% stake in a portfolio of Boston, New York and Washington assets.

NBIM, which has previously agreed to buy 45% stakes in US properties, last year bought interests in New York’s Lexington Avenue and Atlantic Wharf, as well as Boston’s Federal Street for $1.5bn.