Norges Bank Investment Management [1] has acquired a 97.7 percent interest in an office property located at 2882-2884 Sand Hill Road in the City of Menlo Park in the San Francisco metropolitan area, in a new joint venture with DivcoWest (“Divco”).
The agreement was signed on 28 October 2024, and the transaction was completed the same day.
Norges Bank Investment Management paid 217 million US dollars for its 97.7 percent ownership interest, valuing the property at 222 million US dollars. The asset is unencumbered by debt, and no financing was involved in the transaction.
The property was sold by a joint venture between Clarion Partners and Invesco Real Estate.
Divco acquired the remaining 2.3 percent interest in the property. A subsidiary of Divco will perform the asset management for the property on behalf of the joint venture.
The property comprises 133,449 square feet of office space.
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
