OSLO: Lower Manhattan’s Trinity Wall Street Episcopal Church reached an agreement in principle to bring in Norway’s sovereign wealth fund as a partner for 11 of its office buildings in the Hudson Square neighborhood.
The church’s governing body voted to proceed with the joint venture late Wednesday afternoon, Betsy Vorce, Trinity’s chief communications officer, said by telephone. She declined to disclose financial details, saying the deal still needs final review and documentation.
Trinity, whose chapel sits across Broadway from the western end of Wall Street, traces its ownership of Manhattan property to the early 1700s. The deal with Norway’s fund will enable the institution “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,” Vorce said.
Norway’s $830 billion sovereign-wealth fund, the biggest in the world, has been expanding in real estate, snapping up properties in cities including New York, Paris, London and Berlin. Its Manhattan holdings include stakes in Times Square Tower and 601 Lexington Ave.
The fund was informed by Trinity that it was picked as the preferred partner, Line Aaltvedt, a spokeswoman, said in an e-mail on Thursday. “We don’t have any further comments until an agreement has been signed,” she said.