Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, has teamed up with Art-Invest Real Estate to invest in offices in Germany.
Art-Invest has taken over the asset management of the Axel Springer Campus, the headquarters of Axel Springer in Berlin, which was acquired by NBIM and Blackstone in 2017 before the property was completed in 2020.
NBIM and Art-Invest also intend to pursue further joint investments in office properties across Germany’s major metropolitan markets over the coming years.
The Axel Springer Campus comprises approximately 52,700sqm of rental space and accommodates around 3,500 workplaces.
It has been awarded DGNB Gold certification and is fully leased to Axel Springer on a long-term basis.
Guilain Decrop, co-head of European real estate at NBIM, said: “This alliance is intended to strengthen our presence in the German office market. We are pleased to entrust the management of the Axel Springer Campus to the experienced team at Art-Invest Real Estate.
“In addition, we aim to significantly expand and further diversify our German portfolio through new joint investments in prime office properties located in Germany’s leading metropolitan areas.
“The collaboration is fully aligned with our strategy of investing alongside specialised real estate managers. We look forward to working with Art-Invest Real Estate, which has a broad presence across Germany’s key real estate markets.”
Markus Wiedenmann and Jan Dührkoop, managing directors of Art-Invest Real Estate, said: “We are delighted and honored to take over the management of the landmark Axel Springer Campus through our Berlin-based team.
“We also look forward to partnering with the highly professional investment team of the Norwegian sovereign wealth fund and to capitalising on the attractive opportunities for large-scale office investments that this market cycle presents.”
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