TIAA, Norwegian Fund Form $1.2B US RE Venture

Law360, New York (February 11, 2013, 5:48 PM EST) -- Norway's energy-focused government pension fund has formed a $1.2 billion joint venture with U.S. financial services giant TIAA-CREF to own and operate five commercial properties in New York, Boston and Washington, D.C., the parties said Monday.

The Norwegian Government Pension Fund Global, a $650 billion fund managed by Norges Bank Investment Management, or NBIM, will own 49.9 percent of each property in the venture under a joint agreement with TIAA-CREF that closed on Friday. The New York financial services firm will own 50.1 percent of each...
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