Norway’s oil fund has snapped up another large central Paris property, buying 79 avenue des Champs-Elysées from French insurance group Groupama for €613m.

Norges Bank Real Estate Management (NBREM), which invests on behalf the NOK8.35trn (€859bn) Government Pension Fund Global, struck a deal to acquire the retail and office property, Norges Bank announced. 

The property has 7,200sqm of retail space and 3,100sqm of office space.

NBREM will pay €613m for the asset, which the bank said would be unencumbered by debt, with no financing involved.

Signed last Thursday, the agreement is scheduled to close before the end of 2019.

In July 2017, NBREM bought another centrally-located Paris office asset — without an investment partner — acquiring 6-8 boulevard Haussmann for €462.2m from units of the Abu Dhabi Investment Authority (ADIA).

Since then, it has sold several properties it owned jointly with AXA in France and Germany, including in March the large Meudon Campus office asset, which was bought by PGIM.