Norges Bank Real Estate Management has confirmed it is acquiring a 100% interest in 6-8 Boulevard Haussmann in central Paris from the Abu Dhabi Investment Authority (ADIA), as revealed last week by PropertyEU's sister publication EuroProperty.
The real estate investment arm of Norway's oil-fuelled sovereign wealth fund has agreed to pay €462.2 mln in equity for the property, it said in a press release. No financing will be used in the acquisition and the asset will be held unencumbered by debt.
The property, comprising 24,500 m2 of office space and currently let to the French bank BPI as its headquarters, is part of a €1.5 bn portfolio that ADIA, one of the world's largest sovereign wealth funds, has put on the market to cash in on increased investor appetite for French assets.
The agreement was signed on 28 July 2017 and is scheduled to close before year-end 2017.
The sellers of the property are Tamweelview European Holdings and Tamweelview Listed Securities Holdings, both wholly-owned subsidiaries of the Abu Dhabi Investment Authority.
In addition to the iconic 19th-century office building on Boulevard Haussmann, ADIA is also selling a building in the La Défense business district and a third office in another prime area of Paris.
Cushman & Wakefield is advising the vendor on the sale of the portfolio.
