Oljefondet is expanding its investment portfolio in Boston, USA, committing a project cost of more than NOK 10 billion.
Norges Bank Investment Management (NBIM) has bought a 45 per cent stake in two science buildings in Cambridge, near Boston in Massachusetts.
The value of the investment, which was made in partnership with the real estate company BXP, is approximately 2.4 billion Norwegian kroner. In addition to the purchase price, NBIM has committed a project cost of approximately NOK 8.3 billion, according to message From the box.
The total cost of the project is estimated at approximately NOK 18.5 billion upon completion.
The two properties, 300 Binney Street and 290 Binney Street, are respectively a renovation project and a new building under development.
The properties were previously leased to AstraZeneca and The Broad Institute.
-We are very pleased to expand our investment portfolio in Greater Boston. The investment is in line with our long-term strategy, and we are very pleased to strengthen our partnership with BXP in a sector in which we have great confidence,” says Mee Holstad, Investment Director for Real Estate and Infrastructure Investments at Norges Bank Investment Management.
When completed, the properties will consist of about 75,300 square meters of scientific areas, the report said.
– With this investment, we build on the good partnership with BXP, gaining two new life sciences properties in Kendall Square, the leading life sciences district in the USA, into the portfolio. “We are also very pleased to have secured two of the most innovative companies in their fields as tenants,” says Dominic DiNunzio, Director of Real Estate Investment at Norges Bank Investment Management.
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