The world’s largest sovereign wealth fund has made another investment in a high-end Boston office property, buying a 49.9 percent ownership in 501 Boylston St. in Back Bay.

Norges Bank Real Estate Management paid $290.9 million for the minority stake. TH Real Estate will remain the majority owner and property manager of the 610,000-square-foot building overlooking Copley Square.

TH Real Estate acquired the property in 2007 for $370.5 million from Broadway Real Estate Partners.

Norges Bank Real Estate Management invests on behalf of the Norwegian government’s pension fund, which topped $1 trillion in assets in 2017. The fund had 2.6 percent of its assets invested in real estate as of June 30.

Norges Bank made its first U.S. real estate investments in 2013 and  partnered with MetLife to buy One Beacon St. for $561 million in 2014. Norges acquired a minority stake in Boston Properties’ Atlantic Wharf and 100 Federal St. in 2014.

Norwegian Investor Buys $291M Stake In Back Bay Office Property

by Steve Adams time to read: 1 min
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