NBIM and AXA IM offload €98m Paris office property to Fidelity International
The Prelude office asset in Paris, owned by Norway’s sovereign wealth fund and AXA Investment Managers - Real Assets, has been sold to Fidelity International Real Estate Fund for €98m.
Norges Bank Investment Management (NBIM), which manages the NOK8.9trn (€899bn) Norwegian sovereign wealth fund, said it will receive €49m for its 50% ownership interest following the sale of the consists of 8,368sqm office asset located on 27 avenue du Général Leclerc in Boulogne-Billancourt.
The seven-storey Prelude office building is located in the former Renault site.
NBIM said the agreement was signed on 1 August 2019, with completion expected in the fourth quarter of 2019.
In 2011, NBIM entered into a joint venture with AXA to invest in Paris offices.
Earlier this year, NBIM announced plans to disband Norges Bank Real Estate Management, the separate property arm it launched almost five years ago and bring unlisted real estate management back into its main operations.