AFIAA purchased the office building for $150 million at the end of 2016 while it was under construction and provided support until it was completed.
We have now kept our promise and created an attractive product for our institutional investors through active asset management," said Ingo Bofinger, CEO of AFIAA.
The property in New York is held by the AFIAA Global investment group, which invests directly in prime real estate.
The AFIAA entered into a partnership with specialist manager Avadis to pool direct real estate investment resources and run CHF4 billion of assets.
The AFIAA s portfolio remained unchanged, with a focus on direct global real estate investments.
Normandy Real Estate Partners had been in the final stages of redevelopment when AFIAA made the purchase late last year.
AFIAA is an investment foundation under Swiss law that invests exclusively in foreign real estate assets.
to AFIAA's portfolio," said Hans Jurg Stucki, managing director of the investment advisor to AFIAA, AFIAA-REIM, upon closing the transaction.
real estate and reflects the type of properties AFIAA seeks in our expanded acquisition program: proven, established assets in major markets.