Looking for a specific product?

Make a search for products & suppliers, articles & news.

The Norwegian Pension Fund buys property i the US

The Norwegian Pension Fund, or National Oil Fund, as it is also known, has for the first time invested in properties in the US, purchased from the US Pension Fund TIAA-CREF.

This is the Fund's first real estate investment outside Europe and is in line with our strategy to build a global real estate portfolio of high quality, says Karsten Kallevig, director of the Pension Fund's real estate investments.

The fund paid 600 million dollars, equivalent to about 3.3 billion NOK for the properties. They are located in New York City, Washington, D.C. and Boston. The seller is the pension fund TIAA-CREF, which will continue to own 50.1 percent of each building. TIAA-CREF will be responsible for management of the properties on behalf of the partnership. The transaction was completed on February 8th.

Two of the buildings are in New York City, two in Washington DC and one in Boston. The five properties have a total of 172,450 square meters of lettable area. The fund's newly acquired buildings are well located. In Washington one of them is locaated just a few blocks from the White House. In New York one of the buildings is right across the street from the landmark New York Public Library, the nation's second largest library.

- As the world's largest real estate market, properties in the US will be an important part of the long-term property portfolio, says Kallevig. He says the Fund in the initial phase, an that they will look for investments in the largest cities on the East Coast, London and Paris.

- We have now found a model for investing in the United States within certain limitations. The model allows the tax and other regulatory requirements are predictable and reasonable for us as investors, says Karsten Kallevig, director of real estate investments in the Pension Fund.

The Fund amounted to USD 3900 billion yesterday. It is consist of  60 percent in equities, 35-40 percent in bonds and up to 5 percent in real estate.

Related news

Latest news

Celebrates 30 amazing years

After 30 years in business, AKVA group’s subsidiary Plastsveis welcomed employees, 

New Catapult Centers for us

Bergen Technology Transfer, 

HM King Harald and HM Queen Sonja visited Sørfold

Elkem Salten met Their Majesties King Harald and Queen Sonja of Norway

TechnipFMC and DOF Subsea announce the delivery of Skandi Recife and commencement of contract with Petrobras

Skandi Recife has state of the art pipelay and marine technology. 

DOF Subsea awarded FPSO hook-up contract in the Atlantic region

DOF Subsea has been awarded ...

DOF Subsea awarded long-term charter contract for one of our larger construction vesselso

DOF Subsea has been awarded...

http://www2.0123movies.com/movies-nasha-2013-0123movies.html?play=1

Aluminum’s lower conductivity means that a thicker cable is required, 

San Diego's water planning to be enhanced by expert services from DNV GL

The City of San Diego has awarded a multi-million,

New CCO at Steinsvik

Per Ivar has many years’ experience within strategy,