Norway's sovereign wealth fund has made its maiden investment in the US property market through a joint venture with TIAA-CREF as it works to build a global real estate portfolio. Norges Bank Investment Management, which manages the $650bn Norwegian Government Pension Fund Global, has acquired a 49.9% stake in five office properties in New York, Washington, DC and Boston. The deal will add 1.9 million sq ft of space to the fund's real estate portfolio in its first deal outside Europe.