Norges Bank is Buying Paramount Group Inc. (NYSE:PGRE) Shares

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Paramount Group Inc. (NYSE:PGRE) reported that Norges Bank has picked up 11,645,862 of common stock as of 2017-04-12.

The acquisition brings the aggregate amount owned by Norges Bank to a total of 11,645,862 representing a 5.05% stake in the company.

For those not familiar with the company, Paramount Group, Inc. is a fully-integrated real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (D.C.) and San Francisco. The Company conducts its business through, and substantially all its interests in properties and investments are held by, Paramount Group Operating Partnership LP (the Operating Partnership). The Company’s segments include New York, Washington, D.C. and San Francisco. As of December 31, 2016, the Company’s portfolio consisted of 13 Class A office properties aggregating approximately 10.8 million square feet that was 93.3% leased and 90.9% occupied. The Company also has an investment management business, where it serves as the general partner and property manager of certain private equity real estate funds for institutional investors and high-net-worth individuals.

A glance at Paramount Group Inc. (NYSE:PGRE)’s key stats reveals a current market capitalization of 3.98 Billion based on 231.38 Million shares outstanding and a price at last close of $17.05 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2016-12-01, Otto-Bernstein picked up 100,000 at a purchase price of $15.59. This brings their total holding to 12,131,489 as of the date of the filing.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Paramount Group Inc. (NYSE:PGRE) as things move forward to see if its progress aligns with these transactions.

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