A partnership between Norges Bank Investment Management (NBIM) and AXA France is selling a €130m office asset in France’s capital to a group of investors including La Française.
NBIM, which holds a 50% stake in the Memphis property located on 109-111 avenue de France in Paris, said the 14,414sqm building has been sold to a partnership between La Française’s LF Grand Paris, Epargne Fonciere and EDF in a deal expected to be completed by the end of 2023.
NBIM, the manager of Norway’s sovereign wealth fund, said it will receive €65.1m for its interest.
The NBIM and AXA France partnership acquired the asset in 2011.
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