Norges Bank Investment Management has acquired a 100% interest in the Bank of America Merrill Lynch Financial Center, a 585,000 ft² (54.348 m²) office complex located at 2 King Edward Street in London.
Norges Bank Investment Management paid £582.5 million (€738 million), and the transaction did not include any debt financing. The agreement was signed 9 October 2014, and contracts were completed simultaneously.
The vendor is GIC, the sovereign wealth fund of Singapore.
The property is a freehold office campus consisting of four independent office buildings occupying a 1.3 hectare site.
The building is fully let to Bank of America Merrill Lynch, who will continue to manage the property under the terms of the lease.
Source: Norges Bank