Norges Bank Real Estate Management (NBREM) and AXA France have sold a property in Suresnes in the western suburbs of Paris to M&G for €126.5m.
The partnership between NBREM — which manages property investment for Norway’s NOK8.1trn (€837bn) sovereign wealth fund — and AXA France signed a deal to sell the asset located on 31-33 rue de Verdun in Suresnes, Norges Bank said.
The buyer is the M&G European Property Fund.
NBREM will will receive €63.25m for its 50% ownership interest in the asset, implying an overall sale price for the partnership of €126.5m.
NBREM acquired its stake in the building from AXA in 2011, as part of a wider portfolio deal involving seven assets in Paris. It was the sovereign wealth fund’s first real estate investment in France.
The sale is expected to complete at the end of April.
Last July, Norways’ sovereign wealth, Government Pension Fund Global, added a large office building in central Paris to its portfolio afterith NBREM paid €462.2m to the Abu Dhabi Investment Authority (ADIA).
