TIAA-CREF and Norges Bank strike $1.2 billion JV
TIAA-CREF and Norges Bank Investment Management (NBIM), on behalf of the Norwegian Government Pension Fund Global, have agreed to a joint venture through which they will invest in office properties in Boston, New York City and Washington, D.C. The joint venture is already invested in prime office properties measuring 1.9 million square feet and valued at $1.2 billion.
TIAA-CREF owns a 50.1 percent share and will manage the joint venture. NBIM holds the remaining 49.9 percent share. The investment marks NBIM’s first foray into U.S. real estate and its first real estate investment outside Europe. The intent intent of Norway’s sovereign wealth fund is to build a global property portfolio, says Karst