Norway’s SWF buys US property for first time

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Norway's sovereign wealth fund – currently worth 3.9 trillion kroner ($0.71 billion) – has purchased American property for the first time as it continues to expand its real estate holdings.

The Norwegian Government Pension Fund Global yesterday announced it had bought a 49.9% stake in five office properties along the east coast of the United States: two each in New York City and Washington, DC, and one in Boston.

The properties, valued at $1.2 billion, will be managed by majority owner Tiaa-Cref

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