Fund manager M&G's European Property Fund has agreed to acquire an office property located on 31-33 rue de Verdun in Suresnes, France, from a partnership between Norges Bank Real Estate Management and AXA France.
In a statement, Norges Bank Real Estate Management said that it will receive just over €63 mln for its 50% ownership interest, in a deal valuing the entire property at €126 mln.
Closing of the deal is expected for the end of April.
The property was acquired in July 2011 as part of a portfolio consisting of seven properties in and around Paris. It provides 24,000 m2 of office space.
