Norges Bank Investment Management has acquired a 47.5 percent interest in an office property located at One Memorial Drive in the City of Cambridge, in the Boston metropolitan area, in joint venture with MetLife Investment Management.
The agreement was signed on 13 July, and the transaction completed on 26 August.
Norges Bank Investment Management paid 391.9 million dollars for its 47.5 percent ownership interest, valuing the property at 825.1 million dollars. New financing of 414.0 million dollars will be placed on the asset.
The property was sold by Oxford Properties and a fund managed by J.P. Morgan Asset Management.
MetLife Investment Management has acquired the remaining 52.5 percent interest and will perform the asset management on the property on behalf of the joint venture.
The property comprises 409,422 square feet of office space.
PRESS CONTACT:
Line Aaltvedt
Communications Manager
Tel: +47 948 54 656
E-mail: Line.Aaltvedt@nbim.no