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Norges Bank Investment Management has paid $1.07 billion for its 45 percent ownership interest, valuing the portfolio at $3.27 billion, which is encumbered by $888 million of existing debt.

The seller of the portfolio is Canada Pension Plan Investment Board (CPP Investments). Goodman already owned 55 percent of the portfolio and will retain its ownership share. Goodman will also perform the asset management on behalf of the joint venture.