Friday, September 11, 2015

Trinity, Norges ink massive Hudson Square deal

From New York-

Trinity Real Estate has found a venture partner for its 11-building portfolio in Hudson Square: Norway’s sovereign-wealth fund, the largest in the world. The real estate arm of Trinity Wall Street Episcopal Church agreed, in principle, to bring in the $830 billion fund as a partner on 5 million square feet of real estate. The church’s governing body voted late Wednesday on the deal, Bloomberg News reported Thursday. Financial terms were not disclosed, but sources previously told The Real Deal that the offering could fetch $3 billion. An earlier offering of just four buildings was expected to go for $1.25 billion. The partnership will enable Trinity “to diversify its real estate assets in order to ensure that it will be able to sustain the hundreds of programs, services and ministries provided by the church in service to millions of people for generations to come,” Betsy Vorce, Trinity’s chief communications officer, said. 

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