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The agreement was signed 24 July 2015, and closing occurred on 11 September 2015.
Norges Bank Investment Management acquired its 49.9 percent interest in the asset for 153.2 million dollars (€136,12 M), valuing the property at 307.1 million dollars (€272,86 M). The asset is unencumbered by debt, and no financing was involved in the transaction.
The property consists of 73 percent office and 27 percent retail.
TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.
Norwegian Oil Fund Makes New Investment in San Francisco
Norway —
Norges Bank Investment Management (Norwegian Oil Fund) has acquired a 49.9 percent interest in 888 Brannan, a 445,000 square foot office property located at 888 Brannan Street in San Francisco, in joint venture with TIAA-CREF.
2015-09-17
Norges Bank Investment Management (Norwegian Oil Fund) has acquired a 49.9 percent interest in 888 Brannan, a 445,000 square foot office property.
Image: Norges Bank Investment Management
