Oil Fund invests billions in San Francisco

Yngve Slyngstad, CEO of Norges Bank Investment Management.Yngve Slyngstad, CEO of Norges Bank Investment Management.Photo: Lise Åserud / NTB scanpix

The Oil Fund invested 3.8 billion kroner in shares in two companies that own two office buildings in San Francisco.

In a press release it was stated that Norges Bank Real Estate Management is paying 452.9 million USD, equivalent to around 3.8 billion NOK, 44 percent of two Kilroy Realty Corporation companies that own two office buildings in San Francisco.

According to Norges Bank Investment Management the two properties are valued at 1.155 billion USD, equivalent to around 9.6 billion kroner.

The properties are located in 100 First Street and 303 Second Street in SoMa district (South of Market Street) in San Francisco. The two properties consist of 94 percent leaseable office space and six percent leaseable areas of ??retail space – totaling 112,700 square meters.

According to the press release 303 Second Street a debt of $ 125.8 million USD. The investment figure does not include Norges Bank Real Estate Management’s share of this debt, which is around $ 55.3 million.

 

Source: NTB scanpix / Norway Today

 

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