Norway's Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global, has invested GBP 90.2m in a property development in Cambridge, UK.

NBIM has signed an agreement to acquire a 48.75 per cent interest in a property that will be developed into a life sciences property, located at Capital Park in Cambridge.

The investment will be made in joint venture with the Public Sector Pension (PSP) Investment Board and Longfellow Real Estate Partners.

The agreement was signed on 18 October 2022 and is expected to be completed in November.

NBIM’s GBP 90.2m investment for 48.75 per cent ownership values the property at GBP 185m.

The asset is unencumbered by debt, and no financing will be involved in the transaction, with the seller of the interest being PSP Investments.

PSP Investments will retain a 48.75 percent interest in the property, and Longfellow will own the remaining 2.5 percent interest.

Longfellow will perform the asset management on the property on behalf of the joint venture.

The property currently comprises 242,000 square feet of office and ancillary space in a 42-acre campus.

The investment follows recent activity by NBIM in acquiring stakes in property in other European nations, including the agreement to acquire majority stakes in properties in Berlin and Paris last month.

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