Norway's sovereign wealth fund put pen to paper on a $1.56B contract for a 44% share in Trinity Real Estate’s 11-building Hudson Square portfolio.
The 75-year contract values the church's 5M SF portfolio at $3.55B. It's expected to close by the end of the year, The Real Deal reports. The partnership with Trinity Church expands Norges Bank Investment Management’s US commercial real estate portfolio.
The fund is already one of the biggest foreign buyers of US real estate in the world, making two major acquisitions earlier this year with a 45% interest in the Citigroup Center on Manhattan's Lexington Avenue for $725M, followed by a 49% stake in 11 Times Square.
The Hudson Square deal helps the church reduce some of its dependence on real estate, which church officials say is important to sustain Trinity’s ministries. [TRD]
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