By Nick Hedley
Norges Bank Investment Management, which manages the world’s
largest sovereign wealth fund, has signed an agreement to buy a 48.8% stake in
a property that will be developed into a life sciences facility at Capital Park
in Cambridge, the U.K.
The Norwegian fund is buying the stake from the Public
Sector Pension Investment Board (PSP Investments) for £90.2 million (US$101.3
million), valuing the property at £185 million ($207.8 million).
PSP Investments will retain a 48.8% interest in the
property, and Longfellow Real Estate Partners will own the remaining 2.5%
stake. Longfellow will perform the asset management functions at the property
on behalf of the joint venture.
The property comprises 242,000 square feet of office and
ancillary space in a 42-acre campus.
Norges Bank Investment Management has 11.7 trillion kroner
(US$1.1 trillion) assets under management.