Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global (GPFG), has acquired a 97.7 per cent interest in an office property in San Francisco, USA, as part of a joint venture with DivcoWest.

The agreement was signed on 28 October, and the transaction was completed on the same day.

NBIM paid USD 217m for its 97.7 per cent ownership interest, valuing the property at USD 222m.

The asset is unencumbered by debt, and no financing was involved in the transaction.

DivcoWest acquired the remaining 2.3 per cent interest in the property and a DivcoWest subsidiary will perform the asset management for the property on behalf of the joint venture.

The property was sold by a joint venture between Clarion Partners and Invesco Real Estate. It comprises 133,449 square feet of office space and is located at 2882-2884 Sand Hill Road in the City of Menlo Park in the San Francisco metropolitan area.

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