Norges Bank Investment Management (NBIM), the fund management division of Norges Bank, has acquired an 80% stake in Trinity office tower in Paris La Défense.
The stake was sold by Unibail-Rodamco-Westfield (URW) at a price which values the entire office at €450 mln.
Trinity is a 49,900 m2 multi-let office tower that was delivered in November 2020. It is certified BREEAM Construction Excellent, HQE Excellent and BREEAM In-Use Excellent.
The transaction creates a new joint venture partnership under which URW will continue to provide asset and property management services.
URW said that the disposal would lead to a net debt reduction of €350 mln. The transaction is expected to complete in the first quarter of 2025.
In 2022, Trinity was awarded the Best Tall Office Building prize by the Council on Tall Buildings and Urban Habitat.
With this transaction, URW has now completed or secured €1.3 bn of transactions in 2024, which will reduce the group’s proportionate net debt by the same amount. The group remains in active discussions on further disposals as part of its deleveraging plan.
