Norges Bank Real Estate Management, which manages the unlisted real estate assets of the Norwegian Government Pension Fund Global, has closed on a 49.9-percent acquisition of a mixed-use office and retail property. Located in Boston’s Back Bay neighborhood, the building features 610,000 sq ft of office and retail space. Norges Bank bought out the interest of TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA. The deal includes a payment of $290.9m for its ownership interest and a payment of an ongoing asset management fee to TH Real Estate. TH Real Estate will retain the remaining 50.1-percent holding and oversee the property’s asset management.
