Norway's wealth fund buys stake in Boston property

Norway's sovereign wealth fund, the world's largest, has bought a 49.9 percent stake in an office and retail property in Boston, it said on Wednesday.

The fund paid $290.9 million for its ownership interest in the property at 501 Boylston Street, valuing the property at $582.9 million.

The property is encumbered by $216.5 million of existing debt, it added.

The seller was TH Real Estate, which will retain the remaining 50.1 percent interest and manage the property on behalf of the joint venture.

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