Norway's giant oil pension fund has acquired control of two office buildings in the Lenbach Gärten quarter of Munich from AM Alpha for €176 mln.

Norway's giant oil pension fund has acquired control of two office buildings in the Lenbach Gärten quarter of Munich from AM Alpha for €176 mln.

Norges Bank Investment Management (NBIM), acting on behalf of the €650 bn Norwegian Government Pension Fund Global, agreed to take a 94.9% stake in the companies that own the properties.

NBIM signed the agreement with Munich-based AM Alpha on 8 August 2014 and the transaction closed on 30 September 2014.

The total consideration includes €75 mln of third-party debt, and NBIM has an option to acquire the remaining 5.1%.

The two office properties, near the Old Botanic Garden between Sophien- and Karlstrasse, were developed in 2007 and comprise 29,000 m2 of total leasable area, mostly represented by office usage. The buildings are primarily leased to McKinsey & Company and Conde Nast Verlag.

Click on the links below for other recent real estate transactions carried our by the Norwegian pension fund.