Norway's oil-fuelled pension fund Norges has established a joint venture with American insurance giant MetLife to invest in prime office properties in key US markets over an extended period.
Norway's oil-fuelled pension fund Norges has established a joint venture with American insurance giant MetLife to invest in prime office properties in key US markets over an extended period.
The initial investment to be held by the joint venture is One Financial Center in Boston, Massachusetts. The gross value of the 121,000 m2 asset is $700 mln (€509 mln). The net purchase price for Norway Government Pension Fund Global's 47.5% share is €238 mln.
MetLife will be the asset manager of the office platform.
For the €587 bn Norwegian pension fund managed by Norges Bank Investment Management, this is the third US-focused real estate in the US. Click on the links below for information on its joint venture activities in Europe.
