A partnership between Norges Bank Investment Management (NBIM) and AXA IM Alts has signed an agreement to sell the Memphis office building in Paris, France.
The buyer of the property is a partnership between LF Grand Paris, Epargne Fonciere and EDF SA.
The selling price is around €130 million, equal to a 5.2% rate of return, with each partner receiving 50% of that amount.
The 14,414 m2 property is located on 109-111 avenue de France, in the 13th arrondissement of Paris, and was acquired by the partnership in 2011.
It consists of 9,900 m2 of offices and 4,500 m2 of retail space, leased to sports retailer Decathlon. Completion of the deal is expected by the end of 2023.
AXA set up the joint venture with Norwegian bank Norges Bank in 2011, through which both parties co-invested in Paris offices.
It followed an initial transaction in which AXA Real Estate agreed to sell to Norges Bank a 50% stake in seven buildings from its Paris office portfolio with a total value of €1.4 bn.
