COPENHAGEN (Reuters) – Norway’s sovereign wealth fund on Tuesday said it had agreed to buy a 45% stake in two properties in Boston in a joint venture with U.S. based real estate company BXP.
The wealth fund acquired its stake for an initial payment of $212.9 million, and has committed to a total project cost of $746.4 million, it said in a statement.
The two life sciences properties are currently under development, and the total capitalisation from the venture is projected to be $1,658.6 million upon completion, the Norwegian fund said.
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)