Norway’s NOK7.8tn (€837bn) sovereign wealth fund has bought a large office building in central Paris for €462.2m from subsidiaries of the Abu Dhabi Investment Authority (ADIA).
The Government Pension Fund Global’s (GPFG) property investment manager, Norges Bank Real Estate Management, announced that it had signed the deal yesterday to acquire a 100% interest in 6-8 boulevard Haussmann.
The sellers of the property were Tamweelview European Holdings SA and Tamweelview Listed Securities Holdings, both wholly-owned subsidiaries of ADIA.
Norges Bank Real Estate Management said there would be no debt financing used in the acquisition.
The property consisted of 24,500sqm of office space, it said.
French bank BPI France currently leases the office building.
Norges Bank said the Paris deal was scheduled to close before the end of 2017.
The acquisition is only the third property in the French capital that Norges Bank has bought for the fund without a investment partner.
The two other properties in which the GPFG has 100% ownership are 9 Place Vendome and 368-374 Rue Sainte Honore, which it bought in December 2016, and “Le Madeleine” on 17-23 boulevard de Madeleine and 20-26 rue Duphot, which the fund acquired in 2014.
Both holdings are office assets.
Paris is one of the four European cities the GPFG targets, alongside London, Berlin, and Munich.
