Fund makes new investment in Boston

Norges Bank Real Estate Management has signed an agreement to acquire a 45 percent interest in an office property located at 121 Seaport Boulevard in Boston, in joint venture with a new partner, American Realty Advisors.

25 October 2018

The agreement was signed on 26 September 2018, with completion expected on 13 December 2018.

Norges Bank Real Estate Management will pay 204.8 million dollars for its 45 percent ownership interest, valuing the property at 455 million dollars. The asset is unencumbered by debt, and no financing will be involved in the transaction.

The seller of the property is Skanska USA Commercial Development.

American Realty Advisors will acquire the remaining 55 percent interest and will perform the asset management on the property on behalf of the joint venture.

The property comprises 400,342 square feet of office space.

PRESS CONTACT

Line Aaltvedt
Communications Manager
Tel: +47 948 54 656
E-mail: lhl@nbrem.no