OSLO (Reuters) - Norway’s $975-billion sovereign wealth fund, the world’s largest, has bought a 48-percent stake in a New York City property, it said on Monday.

Norges Bank Real Estate Management paid $223 million for the stake in the 93-year ownership interest of 375 Hudson Street from Trinity Church Wall Street, valuing the property at $865 million.

The deal was done in a joint venture with Trinity Church Wall Street and Hines, the Norwegian fund added.